Obviously I don’t know for sure (nor does anyone else for that matter) but from what I’ve been hearing, the people that have lost some Page Rank are the ones that were selling text links on their sites and Google has penalized them manually in the system. It wasn’t the normal update where they just release the new Page Rank to the public.

The bad thing is that Page Rank as flawed as it is, is still one of the best ways to tell the quality of a website (not always obviously as many of us are still at zero and I think run good sites), but for advertisers looking to advertise on sites, it could be bad as the other systems available for them to measure a site’s worth are more flawed than Page Rank, so they will be left to rely on a bunch of flawed systems to tell them what sites to advertise on which could really hurt sites and their ability to get advertisers.

I guess only time will tell what happens. I just wish they’d say something one way or the other. I can see tons of Google employee’s in the know just sitting behind their desk laughing at all of us because they know they hold the key to our blogging fate. lol.