PageRank to be reset to zero and replacedThe infamous PageRank (PR) is going to be no more. All toolbar PR data will be reset to zero and PR will never be coming back (this is why we have been waiting so long for the update). This is very bad news for anyone who sells text links in order to make money.
This will be done in time for a mid November release of the Google Toolbar version 4.2 which will be used to roll out "VR" (visitor rating). Google VR™ will use a digg like system with a voting button on the toolbar to collect visitor ratings of the page and the VR will be displayed via a blue bar similar to the PR bar.
The VR value will be based on a number of factors like the ratio between visitors and votes and where your visitors come from (i.e referred from a site or a search engine), It will also take in to account how many people return to your site over time. I was assured that measures will be in place to stop competition rigging your VR by giving you too many negative votes.