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Being a webmaster, I knew how to determine which sites linked to it etc., but I'm sure the average user is not aware of such tools, and would certainly fall for the trap under the impression that high PR is a positive indicator.
While PR simply increases with the number of "votes" for a site, no way does it certify the said votes being positive or negative!
However, can you imagine the chaos of "negative vote" links. Blast your opposition off the web! Give Microsoft a PR0! Could be quite cool, in an anarchic sort of way.
Chiyo, you make the point that Britney is more popular than Beethoven as proof that you cannot use popular to infer quality. Now, I don't like either Britney or Beethoven (Rush is my scene!), but I cannot really use that as a judgement as to which is quality. There are plenty of Britney fans who will insist that she is by far the superior product.
In business (certainly the one I'm in) quality control usually equates to zero defects. Applied to websites this could mean one with no broken links, no missing images, that resizes perfectly, that doesn't cause you PC to hang and that downloads everytime - but there are planty of sites you would call garbage that fit this profile.
Important is another term that is hard to define - I find lots of information on the web, that is very important to me (technical information, financial information etc) but the web pages providing this information don't always have high PR.
Unfortunately, PR only seems to relate to the (aggregate) number of inbound links to a page.
I'm rambling and in need of a beer. Just put down payment on a house today. Mind wandering. But, personal SERP's are not an impossible dream.