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PR = Page Rank (for Google)
Google asigns a page rank to websites. If you get links back from sites with high page ranks your page rank will probably go up.
What's it good for? Not that much anymore, but who can really tell. I guess it's a good indicator to see if a site is "important" according to google's weird algorythms.
Some of my sites with PR0 get way more google traffic than some of my sites with PR3.
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