The recent overhaul that Google’s been doing - requiring members to have a Privacy Policy on their site, limiting site inclusions, having a monthly pagerank update - all this, for me, will help Google in the long run to get quality clicks from their consumers. It’s gonna be quite lengthy to discuss this piece by piece but, since pagerank is my topic here, I dont think that Google’s ranking algorithm will be the nuisance some people already consider it to be.
Just a short history on this: A ranking system has existed for Google since, idk, time immemorial. Over the years people began to game this system leading to bad search results and unproductive ad clicks. Google tracked these people down last year and penalized them, which in turn, resulted in the questioning of their ranking system, company policy, biases toward other people/companies etc. - this questioning came not only from the people’s involved but from the whole geekdom. Google remained vague on these issues, however, this year, it seemed clear that they are improving their company from all corners.
I guess Google is doing the right thing - whether to quell the issues or piss their critics fruther - after all, it’s their company.
As far as pagerank is concerned, I think it’s value hasn’t diminished, but rather, redefined. This year, Google has updated their ranking system once every month which means, SEO-wise, that we all have to work a little bit harder. I dont think the company changed the way they’ve ranked sites (although, I think a PR renovation is in the works as well). In the meantime, everyone might be interested in how to raise their pagerank.
For us little people, here’s an overview:

Basically, it just shows people how many links they need in order to raise pagerank. Not to be taken as divine truth but a general idea of how much work you need to do, at least, until the next pagerank update.
End notes:
Feature Image source
Pagerank chart source