If it were true, this would kill off the needs of buying links to boost pagerank. Selling links would be less lucrative. But honestly speaking, getting a top rank does not necessarily require high pagerank. In these days, keywords density and competitiveness are major factors to deciding ranking in SERPs. Appropriate use of long tail keywords can rank you in the first page with zero PR.
Well I don’t think the story is true.
[tags] google, pagerank[/tags]