Is Drupal suitable for high traffic site??

For example, theonion.com and drupal.org itself has huge numbers of page hits.

And, this is taken from a recent conversation in the development mailing list:

"There are many big sites running Drupal and they have low page
generation times (I have seen page generation times as low as 16
milliseconds, average is 100-300 ms, with spikes to 600 ms).

I personally know sites that do 930,000 page views a day, 59,000
per hour using the above averages."

- a post by Khalid Baheyeldin
http://lists.drupal.org/pipermail/development/2007-July/025266.html