Google Page Ranking?

O.K. I’m not ashame to admit it. I am a geek but I’m not geeky enough to understand the Google Page Rank system…
Google Technology: PageRank Explained

PageRank relies on the uniquely democratic nature of the web by using its vast link structure as an indicator of an individual page’s value. In essence, Google interprets a link from page A to page B as a vote, by page A, for page B. But, Google looks at more than the sheer volume of votes, or links a page receives; it also analyzes the page that casts the vote. Votes cast by pages that are themselves “important” weigh more heavily and help to make other pages “important.”

Important, high-quality sites receive a higher PageRank, which Google remembers each time it conducts a search. Of course, important pages mean nothing to you if they don’t match your query. So, Google combines PageRank with sophisticated text-matching techniques to find pages that are both important and relevant to your search. Google goes far beyond the number of times a term appears on a page and examines all aspects of the page’s content (and the content of the pages linking to it) to determine if it’s a good match for your query.

I mean, it sounds like the ranking is based on who links to the page and how many links are to that page. I don’t understand how they determine which sites are the “high-quality” sites. I also want to know what the big deal is. Everyone in blogland seems a little obsessed with it and I wonder if I should be paying more attention.

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