Yes, the number of players online at any one moment is the occupied seats at most sites (compare the number of tables with the total number of players).
To some extent, 40,000 seats is 40,000 players, even if they are all 4 tabling. There's minimal difference in rake produced etc (except that more tables tends to equal tighter players).
The player base is the number of account holders, but isnt' commonly available, and is bloated by inactives.
I would just use the number of seats as an indicator of volume, remembering that skins tend to report total number on the network (not sure about poker pulse but I'd guess so).
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