From the Colorado University Extension service:
Alfalfa Meal or Pellets
Alfalfa meal or pellets are often used as animal feed. Primarily they are used to increase organic matter in the soil but do offer nutrients and a high availability of trace minerals. They contain trianconatol, a natural fatty-acid growth stimulant.
Alfalfa Meal or Pellets
Typical NPK analysis 2-1-2
Release time 1-4 months
Pros Available at feed stores
Cons May contain seeds
Application Till in 2-5 pounds per 100 square feet
Looks like a decent organic fertilizer. What does it cost? I use Soy Bean Mean (7-2-1) at a cost of $15 per 50 lb bag at the local feed store.
Steve