It would appear that Google is currently updating Page Rank scores. I say this based upon a few comments I’ve seen to that effect and because one of my websites’ home page has dropped from PR5 to PR3 whilst a deeper page has been given a PR6.
After my initial shock that one of my most established websites has been demoted in this manner, I started checking actual ranking positions for relevant search terms and they don’t seem to be affected as the site is still highly ranked.
So what effect does this Page Rank drop have on my bottom line (I’m not referring to my ass!), considering that the site is responsible for bringing in thousands of pounds of business? As long as the SERPs aren’t impacted, nothing at all!
My businesses aren’t based upon Page Rank so there’s no reason why they should be affected.
That said, I do miss having the PR5 ‘badge’ for the homepage so I’m hoping that it’s simply a blip. The PR6 badge does go some way to consoling me, though. 
Technorati Tags: Google Page Rank, Page Rank Update
I have noticed the same thing over the last few days.
My PR has now dropped to 0, yet when I do searches based on key words the site has never ranked higher.
Maybe the changes to Google backlink algorithm have caused a fuss, as the reciprocal link habit appears to have been addressed with they just will not count them. With no backlinks your PR hits 0, but you can still be top 5.
Crazy…..