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In Einstein's words: Google würfelt nicht.
Also, if the order would be random, the order of the backlinks would change completly (randomly) after each update. This is not the case.
Just because the order isn't obvious doesn't mean it's random. Herenvardo gave a possible explanation, but one can also think of other explanations.
By the way, since it is a deterministic process, the order would be at most pseudo-random.
They would also appear in a similar order each month (or at least they would have before the change in crawling) because only a small percentage of the links on the web are changed each month, so pages are crawlled in a similar order.
Don't read anything into the data that isn't there. Google is not going to be doing any extra processing that they don't have to on something like the link: command. It is still useful, but not *that* useful.
I agree with BigDave and often think of it as fragmented clusters where Googlebot crawls the other links to access that site per cycle...and the order does *not* appear to be random.
Anyone with many domains in his or her own network can easily test about this - Create 5 brand new websites and add these 5 links on the same page of PR4 or PR5 at the other websites let say 20. The order of backlinks shown for these 5 websites would all be in the same order - so it is quite obvious that there are certain factors that determine this same order and backlinks are not randomly displayed.
I also find that it is not a rule of thumb for the linked pages with higher PR to outrank those of lower ones. The one with PR4 can be No. 1 while PR5 very close to the last.
Marval,
Actually the problem is not that tough as the person has to wait for 1 or 2 months to see the result of backlinks by him or herself - please do not undergo an expectation that Google will report the backlinks (& PR) as a rolling update as its index, but it would be much longer; the tendency signals that the timeframe could be like pre-dominic time - once in a month or in two months. The scenario that I describe about the test is what I had done that before with our new sites.
Also new links had already been added as Google backlinks in June, so it might not be too long from now if Google has not done that for July.