+2  A: 

I believe it's just an issue of grouping. The top right of the graph has 3 icons to group by day, week, or month. It's currently grouping by day. So if I visit your site today and come back tomorrow, I'll be counted once for each day.

I tried looking at the month view for one of my sites but it didn't give me much meaningful data. I believe the above should answer your original confusion though.

Jonathan S.
Helpful clue, but not the full story I think. See my edit above.
Chip Kaye
Have you looked at the report under Visitors > New vs. Returning? You can change the graph to display % New Visits which might be closer to what you are trying to find.
Jonathan S.
Interesting report, but unfortunately tallies only in terms of Visits and not Unique Visitors.
Chip Kaye