According to Wikipedia.com
PageRank is a family of algorithms for assigning numerical weightings to hyperlinked documents (or web pages) indexed by a search engine. Its properties are much discussed by search engine optimization (SEO) experts. The popular search engine Google to help determine a page’s relevance or importance uses the PageRank system. Googles founders Larry Page and Sergey Brin developed it while at Stanford University in 1998. Here you can find the Page Rank of your blogs & websites.
Google describes PageRank:
PageRank relies on the uniquely democratic nature of the web by using its vast link structure as an indicator of an individual page’s value. In essence, Google interprets a link from page A to page B as a vote, by page A, for page B. But, Google looks at more than the sheer volume of votes, or links a page receives; it also analyzes the page that casts the vote. Votes cast by pages that are themselves “important” weigh more heavily and help to make other pages “important”.
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