Its still bit confusing for me that page rank is an important stuff for google to determine the page importance. In early 2003 many sites with low page rank faires well in google, this is still continuing. The only good part I can see is the listing in google directory which determine the pririty listings as per page rank of the site.

When Google was started as Stanford research project, it was designed with the technology that checks backlinks to determine a site’s importance. Now it give importance to backlinks which are more relavant o the site theme. May be Aroon will be able to answer the querry. The debate is still going on about the google toolbar whether it is a spyware or a friend..

I can foresee a total change in search engine algorithm in years to come and feel they will prefer only those pages important who has the genuine and relavant backlinks.