Good points Daniel! Very well said!
Just like to comment on this:
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Page rank is questionable as far as effecting results because I have seen many PR0 websites and sites with a PR1 or 2 rank in the top 10...
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PR is used in Google's algo. There are instances that a high PR site is given priority in the rankings. In such case where two competing sites have equal scores in SERP, the higher PR site will outrank the lower PR site.