Do you agree that in recent times the traffic became more important then Page Rank from SEO perspective? Specially after several Google 'slaps' and changes in algorithms. At least I got this sense.

Having said that I have to rely on Alexa somewhat to get any traffic ratings. There aren't simple any other traffic services out there. It's a big gap to be filled.

I regret the rankings are strongly biased towards webmasters, who tend to mostly use the toolbar. But on the other hand I developed an instinct to normalize any site's Alexa ranking by dividing the rank with the probability people visiting the site use the toolbar. It's hard to explain but it's something that grows on you