In fact, these days we got a confirmation that we many SEO were expecting, PageRank algorith isn't important anymore, if not to give a touch of green color to the toolbar that now is completely absent.
Goodbay PAgerank, Google said this. This was announced by the removal from the webmaster tools, and by its staff likewise.
I remember when I said that a backlink on a high pagerank and alexa website is really good, but the most important thing it has always been the visibility --> more traffic --> more clicks.
And, after this gem, some SEO already talk about some sort of substitution, like QualityRank or TrafficRank more accurate than those currently available.
Probably, links sellers that relied completely pagerank will suffer a lot for this, nevertheless, eliminating the pagerank will solve a multitude of other problems and scams associated with it.