I've noticed that most stats programs, counters etc define "Unique visitors" based on a different time period. Someare happy to log a Unique every time someone leaves a site and returns regardless of time period, others like StatCounter let you set your own time period for definition while counters like Quantcast work over an undefined period effectively counting unique "eyeballs" based on repeat visits from an IP.
The latter obviously will show far less uniques than a definition of 24 hours which in turn will show less than 1 hour which in turn show less than counting on a simple return to a website. In cases like StatCounter, if you set "1 hour" for example and someone is still on your site over an hour later, their visit counts as 2 visits.
So I am interested in how you would define a time period for a "unique". Say you were looking to buy a site, what would you consider a reliable time period to report on unique visitors?