Titus A Ducksass - AKA broken-record said:
No it doesn't. The text is _grossly_ too small. Moreover, there's no
obvious indication that the links are links. They resemble too much
the normal (non-link) text in the logo. Moreover, the image on the page
looks as if there were for images that are links, since in common
browsers, image links by default have blue border around them.
The currently chosen page's entry in the list is shown as different from
the rest, quite correctly. But it's still a link. A page should not
contain a link to itself - it's confusing.
On the positive side, the link texts themselves, verbally, constitute a
fairly good menu - even I can understand what the items are, and my
German is rather rusty. And it's properly written as <ul> at the markup
level, so that non-graphic browsers will present it suitably, except for
the feature that one of the links points to the page itself and is in no
way different from the other links (when CSS is not in use).
With the alt tag fixed it would be 'AA' compliant and your xhtml would
also validate.
This mainly shows that "accessibility checkers" aren't. But we knew that
already. And WAI recommendations are just rough guidelines that should
help, rather than restrict, the analysis of accessibility.