caveman - 10:05 pm on Sep 11, 2006 (gmt 0)

IMO there is some truth to both points of view. PageRank may still be a good general indicator of a page's overall importance.

However, getting links not just from high PR pages, but from highly relevant pages, is critically important.

Best of all possible worlds: Get lots of links from all sorts of relavant pages/sites. If you focus mainly on PR, you will be at a competitive disadvantage.