Can I make a guess too?
A table keeping track of all the ips over all the threads would be really long and intensive to search thru. So, its probably not that. This means that visitors get counted on each view, since many are/can be behind proxies, presenting the same IP. So, this leaves users logged in. The software already knows if you viewed it, and its not that big of a lookup.
So, my guess is visitors are counted every view, and users are counted only once.
Maybe we can bet scorpion bowls?