Matt Cutts works at the Googleplex and at his blog he writes about Google and search engine optimization traps. In one of his latest blog posts, Matt Cutts wrote about Google's PageRank.
Here are the most important statements about Google's PageRank:
PageRank is not a number between 1 and 10.

"It’s more accurate to think of it as a floating-point number. Certainly our internal PageRank computations have many more degrees of resolution than the 0-10 values shown in the toolbar."

The PageRank number that is displayed in the toolbar does not influence the search results.

"At any given time, a url in Google’s system has up-to-date PageRank as a result of running the computation with the inputs to the algorithm. From time-to-time, that internal PageRank value is exported so that it’s visible to Google Toolbar users. [...]
By the time you see newer PageRanks in the toolbar, those values have already been incorporated in how we score/rank our search results. So while you may be happy to see that the Google Toolbar shows a little more PageRank for a given page, it’s not as if that causes a change in search results at that point."

You don't have to care about the PageRank number.

"I think that’s a perfectly healthy attitude. If you don’t care about PageRank and your site is doing well, that’s fine by me. "
The PageRank number displayed in Google's toolbar is already outdated on the day it is published. It's not important that Google's toolbar displays a green line for your web site URL. It is important that you get visitors and that these visitors purchase something on your site.

What is the date of the backlinks update on Google?

"If you’re splitting hairs about the exact date that backlinks were taken from, you’re probably suffering from “B.O.” (backlink obsession) and should stop and go do something else for a bit until the backlink obsession passes.
I highly recommend keyword analysis, looking at server logs to figure out new content to add, thinking of new hooks to make your site attract more word-of-mouth buzz, pondering how to improve conversion once visitors land on your site, etc."

The last statement is a very important point. You have to work on all web page elements to get good results. It doesn't help very much if you focus on a single element.
Link building is very important but it is not the only important factor for search engine optimization.

[vibemedia]

great article!! very helpful

[bg004]

Thank your for the guide.

[benplanet]

sweet man! great article

[Stoosh]

goood article! great read

[Loco]

I'm glad it was helpful

[Pure Adapt]

Good read, I was always had a feeling the listed Page Ranking isn't something to lose sleep over, this just confirmed it.

George

[Loco]

ya, it's nice to have but doesn't guarantee a successful site
Content is King

[Code Monkey]

Originally Posted by Pure Adapt

Good read, I was always had a feeling the listed Page Ranking isn't something to lose sleep over, this just confirmed it.

George

Here is an article I wrote up on determining your current Google Page rank that you may find useful.

Why Wait to Find Out How Google Ranks Your Pages?

[Noodles]

It is nice to see a high Page Ranking on your site though, even if it doesn't mean anything to search results

[missionhockey21]

PageRank isn't the measure to define and value each and every website, but it is one of many ways to do so. It has its uses and I agree with Noodles that a high Page Ranking is always nice to see, but if you focus on content and Search Engine Optimization, it'll come as a byproduct of that focus.

With that said, I know several flipping out over the results they get via those live pagerank checkers. It's the same rollercoaster ride many experience everytime Google updates.

[da420]

Thanks, great read. I've never worried to much about backlinks other than making sure I get them out there. A simple number doesn't really tell me a whole lot. Content is what I am after, because if you have good content, your site will be naturally linked to because of that.