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Alexa is extremely inaccurate, and until now, I thought everyone knew that -lol.
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Yes, I do know that. That's why I said it is not the end all, be all measurement, it' just gives you an idea. It is very broad indeed.
I have a site that get 10,000 uniques a day and another site that gets 1,000 uniques a day.
10k site - Alexa = 28,000
1k site - Alexa = 16,000
Even with this disparity, you still know there is a big difference between a site with a 1.5 million, 100,000 and a 10,000 rank. Even with the inaccuracies, I'd still rather have Alexa avaiable as a tool, than not have it at all.