What does PageRank mean?
PageRank is a method for evaluating pages based on the web’s link structure. The former publicly visible Toolbar value is not a current quality metric for website owners.
AN EXAMPLE IN PRACTICE
Where you might encounter it
Two websites receive the same number of links. The sources and connections of those links can nevertheless differ considerably. The number alone therefore does not fully describe the link structure.
From NetzTurm Decode. Clear explanations with historical context.