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Dominic_X - 5:45 pm on Dec 28, 2004 (gmt 0)
While PR is less important, links remain all important. The anchor text of links. Anyone can drive the PR of a page sky high, but you are not going to get links with the right anchor text from pages on topic amongst few other links unless your content / product / issue / budget... rocks.
The basis of pagerank is links.
The theme of the page linking.
The number of links on the page (share of PR you get).
Anchor text and theme of page linking to ~ the page which links to you.