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UPDATE 2003-07-20:

PageRank is not playing the role that it used to. The old method of calculating PageRank, based on a deep crawl every 30 days, has been obsolete since April 2003. These days keywords in anchor text that link to a page are powerful enough to trump any predictable application of PageRank. Since the fresh crawl replaced the deep crawl, the toolbar indicator for PageRank is almost worthless as a guide to how well a page will rank. The backlinks shown by Google for a page have been frozen since May. When the toolbar PageRank is believable, it is often believable only because the same rank appeared for the same page prior to April. Meanwhile, new pages get ranked independently of PageRank. There are also issues with index pages that seem unstable, while deeper pages do better. Many Google watchers are confused, and many optimization professionals are unable to tell their clients what to expect from Google after redesigning their sites.

New pages are often indexed within a few days, and rank well for a few days after they appear. But they may not be stable, and could drop in and out of the index. If you bookmark your search and try again a few days later, you may get different results.

This change in Google is so profound that if current trends continue for a few more months, we will pull this article from our active list and declare that PageRank, for all intents and purposes, is dead.