I think overall the Google PR rating as such is totally over-valued!
O.k. - it's a good ego boost to see a high ranking, but the way Google determines this seems to be very suss. And the value fluctuates a fair bit all the time!
Take some of my own sites for example:
my main site TropicHeat.com is up as a domain since 1999, established with hard-linked exchanges with some fairly big sites like sleazydream, wetivette, hardcorejunky, etc.. Yet the main page is mostly graphical (I know: mistake - though with proper 'alt' tags), updated 3-4 times a week, but never really changed (once every two years I do a re-design) - and it's PR is between 4/10 and 5/10 - - - and overall the site get's nothing special in search engine traffic.
On the other hand my tgp, picxs.com, was a bit of a joke: I put it online as an empty page (with a few sponsor ads and decent meta tags) about a 6 months before I was ready to launch it, submitted the site straight away to dmoz, and before it had any content it showed a PR rating of 3/10.
Now as a tgp it get's updated every day, I re-write several submitted link descriptions for keyword density, and in it's search engine placing for keywords that's working rather well: #1 for 'porn series', always in top 100 for 'porn' (currently #54 or so), pretty high up for everything with 'thumbnail...' - yet it's PR stayed on 3 for ages, slipped back to 2/10 in April, and has finally reached 5/10 -
the site gets 100s (up to 1,200) of good yahoo, google, msn, altavista hits every day, but it doesn't get any more now with a 5/10 rating then it received in April with a PR 2/10
And then again you find some thumbnail-only tgps with no text links, no toplist, and a PR of 6/10 - looking over their code doesn't even reveal special 'alt' tag - so where does google get the keywords from?
So where's the connection of PR rating to keyword placement?
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