Google Page Rank

PageRank relies on the uniquely democratic nature of the web by using its vast link structure as an indicator of an individual page's value. In essence, Google interprets a link from page A to page B as a vote, by page A, for page B. But, Google looks at more than the sheer volume of votes, or links a page receives; it also analyzes the page that casts the vote. Votes cast by pages that are themselves "important" weigh more heavily and help to make other pages "important."

Important, high-quality sites receive a higher PageRank, which Google remembers each time it conducts a search. Of course, important pages mean nothing to you if they don't match your query. So, Google combines PageRank with sophisticated text-matching techniques to find pages that are both important and relevant to your search. Google goes far beyond the number of times a term appears on a page and examines all aspects of the page's content (and the content of the pages linking to it) to determine if it's a good match for your query.

Integrity
Google's complex, automated methods make human tampering with our results extremely difficult. And though we do run relevant ads above and next to our results, Google does not sell placement within the results themselves (i.e., no one can buy a higher PageRank). A Google search is an easy, honest and objective way to find high-quality websites with information relevant to your search.

Interesting article Tom. Did you write it?
I would say the only thing that should be added to this is fresh content is important aswell.

I think website owners and webmasters are placing much to much importance on Page Rank. Don't forget that page rank and a websites rankings in the SERPS are not directly related to one and other. I have out ranked sites with much higher PR then my own on competitive keywords.