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This interview with Google’s Craig Silverstein is old but still worth reading.

My favorite quote:

“The point of view that PageRank is dead is kind of a very static view of the world. It will always continue to be a part of our ranking scheme but, over time, as we develop new ideas on how to do ranking, as we tweak existing ideas, as we think about new ways to have them play together--the role of any one of the techniques that we use will obviously change.”