Hello,
Thought I might come in and drop a few lines on PR and what it is all about.
I will have to disagree with what people are saying above, PR IS NOT PART OF THE ALGORITHM. It is not used nowadays.
PR, which stands for PageRank was created by Larry Page (hence the name PageRank). Think about it this way, Google will not invent a PR system of it own in order to decide who ranks for what and publicly display it.
PR is a simply a popularity factor. The more links and weight your website has, the higher the PR.
The rankings have nothing to do with PR. Yes a PR3 will technically be more popular than a PR1, but doesn’t mean anything in rankings. If the PR1 website has better anchored text, it will probably rank better.
Hope this helps