I host “The Stop Button” at bigdaddy and they’ve got an add-on with additional traffic facts (for extra money, of course). “The Stop Button” started at jablog, went to blogger, then went to my .mac account before finally ending up at a real host. I never could get traffic info when it was at .mac, beause I was using domain forwarding (from thestopbutton.com), and at blogger readership fluctuated a heck of a lot.
A few weeks ago, Karelia linked to me (as a Sandvox example site) and my hits went up by about a hundred a day. The funny thing about hits is how much work one has to do to figure out if the hits are actually readers. Google stops by “The Stop Button,” for instance, nine times a day.
The incredibly technical approach I take to it is dividing my hits by three.