The ratings from online sites rarely match up exactly to OTB ratings, but I'd say they're usually accurate to within a class. Someone with a 1700 rating on this site would probably be a class B player in OTB games also.
The only real way you can find your accurate OTB rating is to play OTB games. The more games you play against more opponents, the more accurate it will be. That being said, if you rarely or never play OTB events then it shouldn't matter to you what your OTB rating is. If you play 99% of your games online, then just focus on that rating.
In my experience the ratings withing a chess program such as Fritz or Chessmaster are usually the least accurate in relation to USCF or FIDE ratings. Also I don't think the way dumbed-downed chess engines play. I think you'll always get better practice from real live opponents.
Here's a comparison of the current Chess.com and USCF ratings distributions:
I've seen countless posts talking about how your online rating is usually a couple hundred points higher than your OTB physical rating. This made me wonder, how on earth can we assess our more realistic OTB rating without playing in countless USCF/FIDE tournaments? Some of us either don't have the time, aren't in convenient locations, or don't want to throw down the extra cash when it could go towards other things, such as more books!
I have shredder 11 at home as my chess engine of choice, and I always find the computer to be far more difficult to beat than human opponents of the same elo. It made me ponder whether my own chess engine was a more accurate gauge of my true rating.
If my win/loss ration against shredder 11 (set to an elo of say...1500) was 50%/50% over a span of say 10 matches, then I would ponder whether that was more telling than our online ratings.
These questions are, in part, due to the fact that I have always wanted a more true litmus test for gauging personal progress. I find it difficult to do so against human opponents online through correspondence chess. Sure, to some extent you certainly can gauge things, but there's also a lot of other variables involved, such as: Has your opponent reached their rating cap yet or are they relatively new to the site and still finding their "rating zone"? Is my opponent possibly making use of more resources than I am for this match (books, opening explorer, or god forbid a chess engine)?
Has anyone else performed studies against their own chess engines to compare to what their ratings are online?