...though I personally dont take any notice. I have PR0 sites ranking quite well in competetive searches.
It might be named after Larry Page but pagerank is still specific to each page instead of website as a whole.
On October 15, 2009, Google employee Susan Moskwa confirmed that the company had removed PageRank from its Webmaster Tools section. Her post said in part, "We’ve been telling people for a long time that they shouldn’t focus on PageRank so much; many site owners seem to think it's the most important metric for them to track, which is simply not true."