Gives us something to chat about!
So Matt Cutts has let it be known that there is going to be a PageRank update and indeed we are already seeing some new values apply. It seems like there has been a general downgrading of values on a quick inspection – BBC down from a 9 to an 8? We have also been watching some sites regaining their PageRank after having had this removed. These seemed like anomolies at the time and were probably part of the update process.
And while PageRank is useful for seeing the flow of juice throughout the site as always do not get hung up on it. It is usally a few months out of date and does not directly influence rankings. So a PR5 page can easily be outranked by a PR4 page.
Matt also mentioned some penalties would be lifted so how this plays out will be interesting. I guess it depends on how many sites as to whether this will impact indirectly on many others.
Matt did say it may take a few days to push out the PageRank update so we may see a bit of a data refresh at the same time. So this morning I was doing a search in the retail space and saw the results moving around quite a bit, three different sets so far, so it may be wise to expect some shuffling over the next few days.
For those who are interested here is an older post from Matt on data refreshes and algorithm updates.