Great thread. Alfalfa pellets or meal are considered both an organic fertilizer and a soil amendment. Obviously this has been noticed by the folks posting above. Here's the analysis given by Colorado State 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"
Where I live I would not leave pellets on the ground as a top dressing, especially around tender young plants. Remember this is bunny food. I would also not fertilize my Hosta or Daylilies in the fall, because I don't want to stimulate any new top growth if we get a warm spell. Also in 4 months the fertilizer effects of the application will be gone. Early Spring seems like a great time to use them.