I came across a good explaination of Page Rank today. I can only assume it is accurate... it uses a pretty cool mathmatical equation that I just barely understand, and so it has to be right (--no one would go through that much trouble to try to confuse me otherwise.)
Seriously though, the thing I found most interesting was not how the PR is calculated, (I have found that PR is the one aspect of SEO that consistently makes sense) but rather, how PR is distributed from a site to a site. It confirms my belief that many links from one Website page do not help the recipients of the link as much as links from a page that does not link out frequently.
It also confirms the need for AS MUCH content as possible, on AS MANY pages as possible (as long as they contain quality content, appropriate links, good code, etc. etc.-- oh and the marketing people want me to say this..."readability for the actual human visitor")
Check this out: http://www.markhorrell.com/seo/pagerank.html
(sorry Mark, I wish I could contribute to your PR from my blog here... but obviously you get next to nothing from my PR of 1, distributed amongst all my links--sorry dude, but then again, you don't need it!)
...still on the never ending quest for the ultimate SEO - meg