Google PR
Google PageRank (PR) is based on two factors. Quantity and PR quality of your incoming links. The higher your incoming links PR is and the fewer outgoing links on the page, the higher the PR will be. The PR of a website is based on a page-per-page basis so it is quite common to have different PR's throughout one website.
PR is displayed by a low PR0 to the very high and almost unachievable PR10. Yahoo is one website that I have personally viewed that has a PR10 ranking.
A good PR is part of the famous Google Algorithm, which determines where your website is displayed on their search results. This is especially noticeable with more competitive keywords. However it is important to note that a high PR is only one factor in as many as 100 others that determine where your website is listed.
It has been noted through out the web that the relevance of PR has lessened over time, so it is probably safe to say that chasing PR is less important then adding theme based inbound links.
It is also safe to say that adding incoming links that have a low PR should not be a concern. It is more effective to add incoming links that have strong theme connections and good quality content.
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