Pagarank will be define by some webmaster as totatly useless number whom other webmaster are trying to gain. PageRank currently is a way to determine a website value, an ads value in a particular website or price of a link.
Although there is different alternatives to determine the value of the website such as Alexa, Technorati Ranking (only for blogs)and Compete, pagerank is one of the hardest to manipulate and I would say pretty fair. Definately there are people using Blackhat technique to manipulate Pagerank succesfully, but overall it is quite good and effective.
Webmaster spend months and years trying to get higher pagerank that increase the value of their website. Pagerank is update usually 4 times a year, but the exact time and date is never known.
Now the main discussion is to determine if Google is serious about removing Pagerank. You could see that people discussing in Digital Point intensely.
My thoughts on this is that Google would not remove this Pagerank algorithm. My reasoning:-
- Open up opportunity for other search engine
- After all the hardwork, Google is willing to cut off its matemathician
- How is Google going to rank all websites now?
Anyway, you won’t know what Google is up to next.