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Google Page Rank might be dead?

Google's page rank seems to be dead in the water still. One site where I'm involved in their development and a tiny bit of their search engine optimisation strategy seem to be seeing strange results when focusing on key word targeting.

According to Craig Silverstein a.k.a their Chief Janitor, said the following:

"The point of view that PageRank is dead is kind of a very static view of the world. It will always continue to be a part of our ranking scheme but, over time, as we develop new ideas on how to do ranking, as we tweak existing ideas, as we think about new ways to have them play together--the role of any one of the techniques that we use will obviously change."