Fraxel does help with skin tightening by increasing collagen which can take several months to see the full effect. Radio-frequency techniques can also tighten skin which is something you can consider. Adding a good skin care product like Obagi s Nuderm can give an added effect to your Fraxel treatment for continued skin tightening.
Fraxel is a bit confusing now, since it's a brand name and has a fractionated fully ablative CO2 laser in addition to their original and now improved dual non-ablative option. There is no question that fractionated CO2 lasers all improve wrinkles and tighten your skin. To that end, the non-ablative lasers will also tighten, but the difference is much less significant.