Well if you don't work at Google, probably not much. There's been a lot of speculation about this algorithm in the past and Smashing Magazine have posted a great article all about PageRank on their blog this week.
It's great reference material and ties up quite a few loose threads about this particular bit of SEO. An updated PDF will be available from them soon, with corrections from comments made after this post went live.
You can see more of my SEO bookmarks at Ma.gnolia.
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