I am not much into ranking game but I do check ranking of this blog across few rank-systems mostly for advertisers of this blog. Alexa, without a doubt is a major factor considered by many advertiser.
Surrendering to the buzz about changes in Alexa’ ranking algorithms, I opened Alexa traffic details page for Devils Workshop. And I shocked positively to see our rank 65,928! I refreshed the page 2-3 times but it was not changed. Last time I remember it was around 129,000. That mean rise of 60000+ position overnight! 
Talking about its implications, all it did is make me feel good! It neither rise my traffic, nor my earnings. Yeah I can possibly think about increasing advertising price on this blog now, as I said earlier, Alexa is something advertisers count on!
One change I personally like, as quoted by Duncan Riley,
Alexa’s decision to drop exclusive reliance on the Alexa toolbar for traffic data, with Alexa now aggregating data from “multiple sources” to compile its statistics and web rankings. As part of the move, historical data from Alexa is no longer available, with data now only going back 9 months (we presume calculated using the new methodology).
Its really nice decision as I always felt in past site popular among IE & Firefox user ranked highly because of Alexa toolbar.
Alexa Links: Our Traffic Details | New Ranking Algorithms
Wow! That’s a huge improvement. Congratulations!
@Dunn & Pavan
Thanks Dunn…
Thanks Pavan…
congrats …
Even my website’s ranking dropped, though by couple of thousands only.
http://www.empxtrack.com
Strangely, we are seeing a consistent increase in the number of unique visitors through Statcounter.com, the changes in Alexa ranking are slightly dis-aligned.
Wondering, how to make our visitors install Alexa Tool bar!!!
Gireesh
@Gireesh
First sorry for late reply as I was offline on a long vacation.
Now about Alexa and traffic, I don’t think alexa is a good SOURCE of traffic. So ranking in alexa mostly contribute to ego and ad-pricing on your site!
About Alexa toolbar… I don’t think it will help in anyway. How many top sites on Alexa asked you to install Alexa toolbar??
by the way i checked “Alexa Booster” out 1 month along daily average 3000 “visitors” (unique IP’s)
and my alexa traffic rank is not realy better :-/
hey congrats bro wish you more !
Thanks mike, but we have come a long way ahead even from the days when this post was first published.
ya.. Alexa ranking is not taken as the judge for deciding traffic.they traces traffic where Alexa toolbar installed.site techmantr.in is 4 month ago ranked by alexa is in lakhs.then How he ranked one month site in thousand.