Good. anyone above 5 is pretty darn good so keep working at it mate. Build incoming links great content and give it time!

Cheers
Will

I think that page rank is how search engines like google determines what position your website is at for a certain key word when searched. For example, if you had a website on dogs, and there were 1,000 different websites out there, the higher your page rank is, the higher up your website is on that niche. On the flipside, the lower your page rank is, the lower down the list you are. Hope that helps. I think currently my websites have a PR of 1 (probably because the niches I am promoting are on the more competitive side).

PR 2 is ok.. Gather more quality backlinks for you to increase your PR. It is base on that. The volume of quality backlinks

Google ranks every website based on its own algorithms. These algos are set of standard rules set up for webmaster to develop their website and interlink it with other sites. There are various known as well as unknown factors which google follows.

Based on such factors, it assigns ranking that's page rank out of 10 that remains changing after certain period of time.

You need to get backlinks from many many good websites such as blogs, forums and directories. All must be dofollow one and must be more pr than yours.

it's a ranking based on a number of different things - # pages linking to your site, how well it's optimized (on page) the number of times a particular keyword is mentioned on the page etc

Good... PR is a value that Google assigns to a web page based on the importance of the page. It is determined by the number of incoming links to that web page and few other factors including the page rank of the page giving the link to you.