willybfriendly - 4:23 am on Mar 16, 2010 (gmt 0)
Viewed from that point of view perhaps PR has some value after all.
Or, it reinforces the importance of deep links
So if you have a lot of incoming links on your root page, we'll definitely crawl that. Then your root page may link to other pages, and those will get PageRank and we'll crawl those as well. As you get deeper and deeper in your site, however, PageRank tends to decline.
I have long considered deep linking of prime importance. It is extremly difficult to sustain a site from the home page alone - a mistake I have seen a lot of people make.
Much has been said of Wiki's "internal linking". I would speculate that the vast number of deep links from external sources is as, if not more, important.
As long as I am speculating, what if a different dampening factor were used on internal pagerank vs external? Seems to me it would be a very efficient way to moderate attempts to manipulate via internal linking - make that PR decay faster each step of the chain.