seoskunk - 6:46 pm on Aug 25, 2012 (gmt 0)

Page load time is the total time from the moment the user clicks on a link to your page until the time the entire page is loaded and displayed in a browser. It is collected directly from users who have installed the Google Toolbar and have enabled the optional PageRank feature.

Source [support.google.com...]

So Google does use toolbar information for that part of the algo it seems