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PR measurement in the past (at least in the Google Directory where it is still shown) was really a good measure of your "page rank" which has always been an important part of the factors leading to good placing in their search engine.
For a while the little green bar in the toolbar did show it accurately as well, just as the little backlinks feature showed most of your important people that were linking to you. That also now has been made inaccurate on purpose by Google, to make sure that you cant use it to really measure anything.
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