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Im getting the impression that your orginal google ad copy (which I was very happy with) plays just as important as being listed near the top, as Page Rank does.
Is Page Rank just and EGO trip, once you make it to PR 5, or am I am just dog gone lucky.
"All other things being equal" is the tricky part. The words on the page can make a big difference, regardless of pagerank. I have a page with PR6 that's #7 for "widget" but #1 for "widgets." Same page, same PageRank, nothing different except the plural "s" (or the lack thereof) in the search string.
Keyword density of content, anchor text and in-link theme, alt text, and page size factor in, but Pagerank and theme seem to me to be the main differentiators.