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If you do not, how far is it off from the actual number of pages you have?
If it is off, is your site in penalty mode?
What do you think is causing your site to have an incorrect count in the number of pages?
Has anyone corrected the page count and got it to reflect the right value? What technique did you use?
Google has some trouble with old pages in the index, but that doesn't account for this anomaly.
Google keeps track of many more URLs of your site, but I don't know if these are counted in the site: result. For example, if you have a 301 redirect from domain.com to www.domain.com, then Google must know that domain.com/file.html exists, but is equivalent to www.domain.com/file.html. So there has to be some database record or field somewhere with information about domain.com/file.html, but I don't know if this one inflates the number in the site: command.