With the recent Google Update I know there has been some discussion on exactly how pagerank works. This link may have even been posted here somewhere in the past but it is an exceptional explanation on how google page rank works. But before that here is the original abstract that the founders of Google wrote at Stanford. Very interesting to say the least
Enjoy.
The Anatomy of a Large-Scale Hypertextual Web Search Engine by Sergey Brin & Lawrence Page
Google Page Rank
Linear Mode
