Only multiple requests within a given second get the same time stamp. So if you have less than 86k hits per day, then all your time stamps could be unique.
Edit: I misread the article here, where it said each visit incremented the counter by one second. So my calculation is not correct!
It is designed to track unique visitors, but not differentiate between them at all.
both you and i visit the same new site today, we both get a file our browser caches with today's date at 00:00:01. Tomorrow when we go to the same site, our browser says we got the file yesterday, so the server sends a new modified date to the browser, set to tomorrow's date at 00:00:02. Both of us have the same "new" file with the new modification date/time.
if i go back the following day, the only thing the server knows for certain, from just this header, is that i've visited twice before. So i'm not counted as a unique visitor.
That this could be used by assigning a unique timestamp to each visitor is where everyone's mind is going, and it feels like half are annoyed there's another way to leak information, and the other half are annoyed they didn't think of it prior to the end-of-year marketing bonus deadline.
The technique could be used for a lot of tracking.
However, it sounds like they're using it just for quite minimal tracking. It sounds like the only thing they're tracking is how many people viewed the site how many times. They'll know that on a particular day, 1 person viewed the site 500 times, but won't know anything identifying about that person (e.g. IP, name, gender, any sort of unique ID).
Edit: I misread the article here, where it said each visit incremented the counter by one second. So my calculation is not correct!