Is there a formula for PageRank calculation? I am sure there is because they will need a way to calculate pagerank given to each website. Everyone is trying to find out the formula but Google is always adding and removing different variables that will affect your pagerank. Smart PageRank has actually came out with a nice chart showing the statistics of how your website will rank base on incoming link.
It is a good reference on how you could obtain your pagerank base on backlinks.
There is no doubt that incoming link does play a big role in PageRank Calculation, but you should know that there is related backlink (link from website of the same category/keyword) and unrelated backlink (link from a unrelated field), which is why there is a gap between the ’start’ and ‘finish’
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Adi, that chart is quite cryptic and hardly to understand. If you really understood that chart maybe you should explain it on another blog post. It is just a suggestion …