Neatly put:
SEO Chat - Google - Google PageRank Primer: "Be sure to always keep in mind that PageRank is not the same thing as your site�s ranking on the search engine results pages (SERPs). They are entirely separate items. PR is the relative importance of a page on the web, expressed as a number. The SERPs are where your site appears on a search for your keywords.
PageRank is not a series of equal steps; it is logarithmic in its calculation. In the same way that the earthquake Richter scale is exponential in calculation, so too is the mathematics behind Google PageRank. It takes one step to from a PR0 to a PR1. It takes a few more steps to PR2 and PR3. Now, it takes even more steps to PR4, many more steps again to PR5, and so on. Each level is progressively harder to reach."
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