Behold the power of Google’s PageRank! We all want a 7 or 8. We know this will bring us more traffic and traffic is money. Google always tries to downplay their PageRank saying that their algorithms look at 200 different points of criteria in order to give your URLs a ranking. Titus Hoskins wrote a good article about why you shouldn’t count this out. 
http://www.sitepronews.com/2009/10/26/does-google-pagerank-count-anymore/