websitepulse has never alerted me except when I know my site is down anyway. Agreed since it's an hourly check, it can miss short downtime, or if it catches it then it's a minimum 1 hour downtime.
But having a server down for almost a day is totally unacceptable. Site5 and other servers say they strive for 99.9% of whatever, but that's irrelevant if they have no backups and their only recovery plan is a very slow and tedious rebuild