Hi mrdomains,

That's close but not entirely accurate. It is a score that represents how many pages that link directly or indirectly to your page as compared to all other pages on the web. While the original idea is that it would be an indication of importance, spamdexing has made that an invalid conclusion. So the primary assertion that it measures importance is no longer accurate.

Of course important pages will naturally have a higher PR, but due to manipulation, pages with higher PR are not always important. And, for that reason, PR is no longer a significant factor in SERP rankings.

There is a page rank function in the Google toolbar that you can add that will allow you to tell what your page rank is easily.