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That one link must be a good one, or there are actually more links. As had been suggested, PR is only one part of it, though. You still have to rank for keywords.
That doesn't mean PR is worthless either. It's supposed to be an indicator of quality or importance. "BMW" indicates quality, but is meaningless to someone buying steak. You need relevancy AND quality.
This could be viewed as another example that trying to hard to game Google is rarely worth it. Over the term, Google will send traffic to pages it thinks look good and everything we think we know about that doesn't mean all that much.
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