WebmasterWorld has a nice round-up on PageRank - aimed at web marketeers at beginner's level ...
covering:
Google's take on PR
PageRank relies on the uniquely democratic nature of the web by using its vast link structure as an indicator of an individual page's value. In essence, Google interprets a link from page A to page B as a vote, by page A, for page B. But, Google looks at more than the sheer volume of votes, or links a page receives; it also analyzes the page that casts the vote. Votes cast by pages that are themselves "important" weigh more heavily and help to make other pages "important.
Of course many of the concepts and ideas follow the common believes in Page Rank ... when reading such round-ups always keep in mind that it's unofficial information and observations - and not confirmed by Google... altough pretty common understanding, I am sure there are some mis-perceptions or some crucial details missing (as with all theories)
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