Pagerank update on?

And its that time of the year again..
The speculation has started on dp(thats digitalpoint if you didn't know by chance, fat chance though :D) that the next pr update from google is one.
So what is the pagerank update?
Start off with a defination that will go over your head

PageRank is a link analysis algorithm which assigns a numerical weighting to each element of a hyperlinked set of documents, such as the World Wide Web, with the purpose of "measuring" its relative importance within the set. The algorithm may be applied to any collection of entities with reciprocal quotations and references. The numerical weight that it assigns to any given element E is also called the PageRank of E and denoted by PR(E).

What the hell does that mean?
Well simply stated that is an algorithm used by google to value a site's importance on the web. The importance is determined by how many "other" sites vote for your site. The vote basically is just a link to your site. The more links external sites have to your site, the more the perceived importance of your site. Now the importance of the linking site also is taken into account. So that means that if your site is linked from a site thats already marked as "important" by google then that link will have more value than a website that is not as "important" on the web according to google. The level of importance is determined by the pagerank. The higher the pagerank, the more the importance of your site.

The Image taken from wikipedia explains the concept of pagerank

There are two pr's

• the toolbar pr -> This is the pr that you see in the google toolbar as the green bar. This is updated usually after 3 months and is notvery reliable.
• The google directory pr -> This is real time 8 point pr that is real time mantained by google

You can read more about google pagerank here
To know your present pr and about many other things related to pagerank try this link

I personally found the mathematical model of pr quite an interesting read, consider reading it yourself here. its not too difficult and quite informative.