Google has finally removed PageRank from it's Google Toolbar.
Publicly, Google has not updated PageRank on any page for years now. However Google says that it does use PageRank internally in it's algorithms along with other ranking signals.
Given that Google has not publicly updated PageRank for quite some time, the metric became very unreliable. This is because while Google has been updating PageRank internally the public PageRank of pages has remained static for more than two years.
The move to remove PageRank from Google's toolbar does not change anything for webmasters or SEO's in how sites show up in search. What it does change is to remove an outdated metric that too many webmasters were relying upon when the data is completely out of date.
Google's Webmaster Trends Analyst, John Mueller confirmed the removal of PageRank from Google's Toolbar.
“As the Internet and our understanding of the Internet have grown in complexity, the Toolbar PageRank score has become less useful to users as a single isolated metric. Retiring the PageRank display from Toolbar helps avoid confusing users and webmasters about the significance of the metric.”
The message here is that Google uses a number of factors to rank pages and PageRank is one of many signals. Focusing on just PageRank was a silly idea, because it's not a reliable indicator of how pages will rank in the SERPs.