Taken from Seo-news.com
Let’s get started by going straight to the horse’s mouth. This is what Google itself says about PageRank:
“Don’t bother thinking about it [PageRank]. We only update the PageRank displayed in Google Toolbar a few times a year; this is our respectful hint for you to worry less about PageRank, which is just one of over 200 signals that can affect how your site is crawled, indexed and ranked. PageRank is an easy metric to focus on, but just because it’s easy doesn’t mean it’s useful for you as a site owner. If you’re looking for metrics, we’d encourage you to check out Analytics, think about conversion rates, ROI (return on investment), relevancy, or other metrics that actually correlate to meaningful gains for your website or business.” (Source: Google Webmaster Central FAQ)
Google’s Director of Research, Peter Norvig, said that PageRank is overhyped and probably needs a new name. Norvig went onto say that the public’s focus on PageRank is misguided and it may be time for a new name.
“One thing that I think is still overhyped is PageRank. People think, yeah, you do this computation on the web graph and then you just order all the pages by that [PageRank]. Yes, that computation is important but it’s just one of many things. And people say, “Oh, well you’re stuck if you don’t have that.” We never felt that way. We never felt that it was such a big factor. It’s got the catchy name and the name recognition, but we’ve always looked at all the available data.” (Source: Search Engine Land)