I believe PageRank is over-rated as a gauge of a web site's inherent ability to gain relatively dominant web presence, generally speaking, for their desired target markets.

After being laid-off from my former employer, back in 2002, I have been operating an "enthusiast web site" in a highly competitive industry (of course, which isn't on the Net) that I THINK (I don't even bother worrying about PR) is a PR4. Yet, I easily rank in the Top Ten if not the #1 position against some of the biggest corporate sites. That's computer, networking & telecom (phone, cable, wireless & satellite) corporate sites.

I think their Madison Avenue Ad Firms have no clue, when it comes to SEO (and I thankfully collect their $$$ from their Adwords ads displayed on my site)... I take that back. They know enough to know they are not very good and must augment their Net marketing with Adwords/AdSense advertising.

I think this is a WIN - WIN situation. The professionals essentially subsidizing the operation of industry enthusiast web sites, which in turn are attempting to promote interest in their respected industry.

The only problems arise when people attempt to "game" the system. I'm afraid this includes far too many desperate web publishers currently. However, I believe Google is in the possess (still tweaking) of attempting to remedy this situation, hence much of the belly-aching since the bourbon update. Yes Google squeezed a little too hard with the current "filter," but I'm sure they are also working to better this short-coming too.

Google has always tried for better results... It just gets harder for them as more publishers become dependent upon the Google marketing system - as that is what their search engine has become since "every ma & pa's" web site has become "monetized."

Unfortunately, there is only so much room at the top of the SERPS. Many good sites are unable to gain the web exposure that the quality of content should "rightfully" earn it. No is Google allow some "lesser" sites rank higher than the corporate sites in a particular market sector, just to give cause for the corporations to purchase AdWords to get their message out? Perhaps... however my "enthusiast web site" has had relatively excellent web presence in Google before they even adopted their contextual ad marketing scheme.

That's why there is PPC. It is a self-perpetuating marketing scheme, while there are enough interested parties attempting to market their goods & services in a particular sector. HENCE the "built-in" obsolescence of Page Rank - "Corporate Google" needs to generate increasingly more money from PPC advertising to satisfy their shareholders - I don't believe that PR fits into the equation anymore...