I've been feeling like Alexa is useless for a while now, and I feel like I've seen enough data from ERE's site and some of our competitors to prove it.
Now, Jason Calacanis is out to test this theory by attempting to game the Alexa system in public.
I have no doubt as to what his results will be, but I look forward to seeing independent corroboration.
Update: Om Malik feels the same way - someone out there needs to create a more reliable measurement service to compare sites. Bob Etheridge turned me on to Compete.com, but so far I don't really see why it would be any better.
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