Some swear by it, others such as Mike Grehan call it "green fairy dust." Anyway you slice it, PageRank is a topic of discussion that is never-ending. Occasionally, a really good thread comes out about this subject, and one at the High Rankings Forum going on now fits that bill, in my opinion.
A member asks what he can do to "leverage" the PR on his site to "help" other other internal pages, and is wisely instructed to make sure his navigation is sound. Then the thread starts getting good. Moderator Ron and highly respected member Michael Martinez begin a dialogue about the power of a page to "confer" PageRank.
This is not light reading, and includes a few "potshots" that may end up edited-out. Personally, I feel that people obsess a little over PageRank, but what can you expect from a topic that always incites such heated debate?
See the thread at High Rankings Forum.