BigDave - 6:22 pm on Jul 7, 2004 (gmt 0)

(1) page rank, (2) onpage relevance, (3) global relevance.

I would add to that (4) on-site factors. I think that site navigation and its related factors can play a huge role in how a page is ranked.

Too many people think of anchor text as being something from other sites, but the text you use for yor internal links is easily as important.