Is Google Page Rank (PR) the be all

You hear it all the time on the net from some very good sources, but is Googles PR (Page Ranking) all that is made of it?

The reason I ask myself this question is, I know sites that have been at the top of Google, Yahoo, MSN search engines for the last 5 years and these sites only have a Google PR2 ranking, yet are on the first page for keywords and phrases that have over 40 million listed pages.

The content is good and relevant, the keywords are meaningful with the correct density and none have high ranking PR pages back linking pages to them, so what is the secret?
By the way, one of these sites gets over 5 million hits per year worldwide.

While it is a never ending job for seo experts trying to work out the Algorithms of the search engines, it just may be that if you write a good website, with good content that is releveant, with correct titles and descriptions, you just may get the spot you require.

Answers on a post card please