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1) Google Page Rank will not be updated again.
or 2) It will be updated but much less frequently - perhaps once every 6 months.
If you think about it, Google have been updating the backlinks but not the PR and I think this is to make us think a bit more.
If you exchange links with a website that seems to have no PR on the toolbar, but does have backlinks showing .. its ok to assume that it will actually have some PR, it just didnt have PR at the last update (June).
What I tend to do now is when somebody has placed a link on their links page, I check the links page out much more than what it says in the toolbar. I often see pages that arn't even linked from any other internal pages, they are just there! There is no way these pages will pick up PR as there isnt any means for Google to crawl to it. I check the Google Cache here to check.
On the other hand I sometimes seem websites that have links pages that do not have any PR according to the toolbar, but it is in the Google Index and it does have a link from the Home Page .. this Home Page then has many links from other websites. In this scenario I would accept the links page as having PR even though it isnt being displayed in the toolbar.
I hope this all makes sense. Basically, dont wait for the toolbar to update. If it does, I expect it to be towards the end of the year, but I also wouldnt be surprised if it doesnt get updated again. Google will probably keep PR in their algorithm, they just wont let us see the actual figure for each page.
Case in point.
I recently changed the name of my links page on one of my sites. The site ranks #1 for a bunch of highly competative keywords. I haven't solicited links on this site for the past 2 years because, quite frankly, I don't have to. Of course when I changed the name of the page, the green bar went to grey for a week or so, and then to white. No pr! This was expected, but I didn't care. The site still returns good.
I still get requests from other sites for a link exchange on this site, usually about 2 or 3 a week. I'll check their site, and if it looks good, why not... I'll link. But I got this one guy who wanted to link (he contacted me) I checked his site and said okay, let's do it, but after he checked my site with a PR of 0, he wouldn't go for it. I call that stupid.
Do not place so much import on that silly green bar. It is inaccurate and causes nothing but headaches.
Just my 2 cents
This slows dramatically new development. At least, effective build up. It is still possible to assess changes in PR on home pages through Google Directory and perhaps *hunches*, but estimating page rank on inner pages when trying to efficiently distribute it, is now a thing of the past if we need to wait 3 months -perhaps more- for new "trial and error" adjustments.
We're seeing rather erratic behavior, on not only the bot front but also the traffic front, for about 10 days now...of the kind that has only ever preceeded something big. Florida, Austin, etc....
I'm feeling tense and it's only Monday/Tuesday. Burp. Excuse me. :-/
You better not mention Christmas. Remember whet happened last year before Christmas? It seems to be the time when the PHDs at the g like to mess with their algo - if the past can teach us anything.
Yep...if the past is any indication...a major shakeup is coming - within the next 4-6 weeks would be my guess.
Prepare to hear the dozens of webmasters who rely solely on free traffic for their living wail, whine, and gnash their teeth at the horror of it all....