For example, looking through my old questions, I think it automatically tagged "what's a good place to get a cheap SSL certificate? I don't think I need wildcard subdomains" as "SSL".
In a perfect world, you ask Google a question just like you'd ask a person a question, and they answer it with the info you want, so they might be interested in the technology and people that make this intelligent tagging work as a step in that direction.
http://www.youtube.com/watch?v=d_W6Qbob2mg#t=10m10s
I was like "this sounds like Aardvark".
Really?
Pagerank doesnt have anything to do with twitter and facebook.
Its a great idea, and its probably one of the major factors that made google a success, but today it is not a very important factor in google being a bigger company than fb and twitter.
Edit:But going back to your point, I not sure Pagerank is relevant to twitter/facebook, and I don't think Sergey was saying that it was. But I do think their could be search problem emerging in social networks when people start having several hundred friends and you want to find relevant conversations to your interests going on within your network.
They might have some as-yet-undisclosed IP which one of the big search companies would be able to defend - rather own it than fight it.
Also, integrating the already-refined code and ideas into Buzz, Wave, Orkut, other future social initiatives.