Whenever I talk to affiliates and partners and ask them how much traffic they get, they often answer by giving me the number of hits their sites receive. Sure, getting a million hits per month might look good on paper but marketing-wise, hits have NO VALUE whatsoever.
To give you an idea, a visitor will generate a hit just by mousing over a graphic, which means that while browsing through several pages of a site, your same visitor might easily generate a few dozens hits.
What really matters is the number of uniques (unique visitors), visits and page views that your site generates per month. Other good traffic indicators include the Alexa ranking (check Alexa.com or install the Alexa toolbar) and Google’s PR, which is available in the Google toolbar.