Apostolis 2005 said
"The importance has diminished because PageRank is just one piece of the ranking algorithm over there. The ranking algorithm is so much more complex now. And PageRank is just used when they want to break ties.
I'm sure that they've not implemented Kleinberg's algorithm. But I'm also sure that they have created some kind of local implementation based on anchor text.
They've been very, very solid for the last few years. I think the biggest improvement they've made is anti-spam inclusion and consistency. But what surprises me is that they haven't used subject specific popularity, even though they know it's important."
How much more they have moved on nobody knows. but I put forward that pagerank is a redundant factor in todays algo.