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At this point I find the data more valuable to me than my own logs in many respects. That is never more true than when surfing the competition because the demographics are the same.
I would like to see Alexa expand the offering to include other data sets they can build out of the toolbar data.
Alexa toolbar is webmaster-orientated and so it may well be useful to WW and it's competitors who are going for webmaster traffic. But if you're not going for webmasters the data is practically useless. I downloaded the toolbar and surfed through five pages on one site in quick succession every day for a week. The alexa ranking went up over 100k in the same week.