True, the KeepAlive page will keep the app from unloading, and it won't be counted in the Site Log.  It is good for that.

I use Host-tracker.com to monitor my pages.  It can even look for specific output in the page to know if it is working correctly and it will a le r t me when it finds a problem.

Personally, I don't use the site log for stats.  There are much better free options available like Google Analytics that are better for performance. 
I use SmarterStats for statistics, and it can be configured to filter out the Host-tracker hits, but I don't because it is not a significant part of the traffic and it is nice to check up on it too.

Even if host-tracker was my only traffic it wouldn't throw off how I look at the stats.  
It is my opinion that when you start looking at stats you should establish a baseline, then start working on things to improve from there.
If you already have a baseline and you add some monitoring to specific pages then just re-establish your baseline.

While I'm on the subject, Page Views and Hits can be very deceiving. 
It is much more important to look at visits (uniques and returns).  Host-tracker only adds one visit a day.

[EDIT: looks like the word  a l e r t is a bad word. It made half my post disappear]