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However i have not seen an immediate increase in SERP postions.
So how does Google judge PR in regard SERP's - is there a definite line - i.e. are you either a 6 or 7 and your results will show on jump on change or can you be a very high 6 and move to a low 7 with little impact on your SERP's and the jump is just abitruary number change.
Also it is not quite clear when Pagerank and backlink updates are calculated into the Serps by Google and when they are shown to us (webmasters).
It could be that the Google spider sees a new link to your webpage and estimates a newer (search)ranking for that page more or less immediately (on-the-fly).
In a later stage Google might do the real ranking and Pageranking calculations and iterations and then rerank your page in the Serps to another non-estimated more correct level.
Meanwhile you might have had two SERP changes due to that extra link and no change in shown backlinks or Pagerank. Google could decide to show that weeks later...leading to us impatient webmasters hoping for better immediate search ranking results....when actually we've already had the boost.
From our experience, we saw that a boost/drop in PR will not result in a corresponding rise/fall in the SERPs. There are certainly other factors that lead to an increase/decrease in the SERPS ranking.