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So what exactly is the point of PR then, and why do we all get so hyped up about it? What will a good PR acheive for one?
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PR is important, though not so much for ranking well in the SERPS.
While a better optimized page will outrank a poorly optimized page with a higher
PR, if the two pages are pretty much equal in all other respects the higher
PR page will win out.
A higher
PR gives your site a higher "status". The higher the
PR, the easier it is to get incoming links to your site, which with good link anchor text will help increase your ranking in the SERPS (and your
PR).
A higher
PR will make it easier to sell advertising. The average webmaster equates a high
PR with high traffic although this isn't always the case.