page rank is solely inbound links and the importance weighed on those links... that's it from what I understand. Has nothing to do with content, updates, relevancy, etc... everything that brings se hits to your site.
Now, if google would just die and allow bing and yahoo to dominate we would be in a much better internet world
Don't believe my statement... pick any keyword you can think of and put into google... then bing. Compare the results and tell me which one is better