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But if Google shows a high PR number for a URL, that means it has a healthy backlink situation. So in many cases that URL will also have good ranking in other engines. This is not because the other engines use Google's PR formula, but because they also measure backlinks, each in their own way.
I have pages at number one on the SERP's where there are millions of results showing, but the PR of those pages is much less than on listings further down the SERP's.
I do believe, however, that new websites need to acquire some level of PR before they are correctly listed in the SERP's. But that is purely a matter of search engine robots spidering the site properly once it has been established for a while.