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I haven't seen anyone claim that Google (or any other SE's) actually pay attention to these ratings. They represent your take on the relative importance of your pages (1=high, 0=low), but the SE's will go ahead and rate/rank your pages according to their own algorithms.
Of course, that could change and it wouldn't be the first time the "experts" got it wrong anyway. It cannot hurt to put a little thought into the numbers you use.
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