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I have noticed the following:
Since the last "update" (or whatever you may call it) backlinks and PR was updated. But not one of my sites has moved in the SERPS. Many competitors have much less backlinks due to the guestbook filter but they are still above me in the SERPS. Either the backlinks and PR have been updated but this is not taken in account for the Serps or the guestbook links do count but they are not shown in the link: command.
Example:
Competitive keyword; my site on #2 competitor on #1; competitor had about 500 backlinks therefor 400 from guestbooks. Now the competitor has only about 140 backlinks and I have 330 backlinks. (Both no guestbooks showing) But the rankings have not been changed. Both sites have PR6.
Naturally I should be on #1 due to more backlinks , shouldn't I?
Either the backlinks and PR have been updated but this is not taken in account for the Serps or the guestbook links do count but they are not shown in the link: command.
Probably the guestbook links were not taken into account for a longer time. Therefore, you could not see any effect. (You could see a change when they were removed from the ranking algorithm.)
Naturally I should be on #1 due to more backlinks , shouldn't I?
The number of backlinks are just a part of the puzzle. You have to compare the anchor text of the links as weel as on-page factors (title and so on).
The PR moved from 3 to 6 but no changes in SERPS for about two months. (I would have expected at least a slightly better return in the Serps with a PR move like that)
To tell the truth I am now disregarding the PR score and just looking at the SERPS - the only time I look at PR is for sites linking to me, but perhaps this has become an inaccurate measure recently.