With the page rank update going well past normal intervals, you have to wonder where Google is. They have not announced a page rank update time line, nor have they announced a system to replace it. With the page rank being updated so sparcely now, you have to wonder how long it will be before it is eliminated. I believe that Google might be in the process of doing that now.
5 months in real time is equivalent to 2.5 years in Web 2.0 time. Everything is fast, better, and more flexible. Will Google’s next ranking system involve links, traffic, or something else. As far as today it is anyone’s guess and only time may truly tell.