Some of my sites have 100+ inbound links yet when doing the link:webstie.com nothing comes up... It really looks like PR is just a game of chance as is everything else in SEO...? Some of my sites score really high in Yahoo while others do well in Google, the whole deal doesn't make any sense...
Michael
http://www.r6k.net/golf/
Traffic Building
http://www.r6k.net/traffic-building/
other infor?
http://r6k.net/Best_Online_Articles
Another example. A couple of days ago I sent a report to one of our clients. One section of the report shows Google, Yahoo, and MSN's inbound links to their site. Yahoo showed 1000s of inbound links and Google showed 8. I just found in Google's Webmaster Tools (you have to verify your site and login to view this stat) that they added a new section called 'links'. In this section for that particular client it shows over 2000 inbound links to their site. The report also shows exactly which pages the inbound links are pointing to.
And one more use for inbound links is... If you get links from a quality site pointing to an internal page which is not indexed it usually only takes a few days or so to get that page indexed (as soon as the site with the link gets crawled) and sometimes will bring out rankings for the keyword in which is linked to the internal page (the anchor text).
One last thing. Page rank plays a very small role in the huge algorithm which ranks your site (I believe Matt Cutts of Google said something very similar to this).
Hope this sheds some light. Oh and the first link in the sources below (mattcutts.com) has some info straight from Google.
Tim
http://www.nimisis.com/software/ranker.php