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Hmmm...it is just a rate on how google sees the importance of your site...i must say that is also one factor for other seo...and it helps you on dealing with other webmasters...PR is equal to Links and so it can be said that the more IBLs you have will give you nice PR and with that it can be said that your site can be seen my many with lots of your IBls and there is a possibility that other sites on your site can be seen by them...so for me it is just one factor but not that important...
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