It’s no lie. There have been reports that Google has updated its PageRank on sites across the Internet. According to SEO Roundtable, Google PageRank updates may occur only twice a year.
We as SEO Professionals know that PageRank does not really affect how a page ranks in search engines, but it is nice to see all your hard work get noticed when Google does do PageRank updates. There are SEO Professionals that want to get rid of PageRank all together because it creates a false sense of security when it comes to search engine results ranking.
I guess for now it will have to stay. I for one do like Google PageRank as it does kind of show you how well a page has authority, at least in the eyes of Google.