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Do you have a friend with a PR8 page that doesn't have too many links on it? :-)
I've started to see some pages with Toolbar PageRank values that are not consistent with the full-cycle that we used to see, so my answer above may no longer be correct in every case.
The number one site has 80,000+ incoming links, most of which are coming from one site with a PR4 or higher on all the pages I checked. Other sites that fare well that don't have any incoming links, or tons of content, but are optimized well, but have a high PR. My site lies in the middle and is lost. It's optimized very well, I've got hundreds of incoming links, hundreds of indexed unique pages, but a PR5. Unless I buy a ton of links, I'm not gonna match 80,000 incoming links or improve my PR dramatically.
The part that confuses me is I think my site represents more of what Google encourages - unique content, natural un-reciprocated links (9 years on the net, no link-building campaigns) and it's in a good neighborhood.
I know there are a lot of people here who think PR is dead. I'm of the opinion at this point that it is not dead, it's just not the only factor Google considers when ranking a site in the SERP's. I think I've got most of my bases covered, except for a higher PR.
... are not consistent with the full-cycle that we used to see...
Not to hijack the thread but could you be a little more specific on that one note?