In any case, PageRank is a method for estimating quality of a page based on the amount of inbound links, not a solution to all of search.
But it's a property of the web at the time, not something universal to the search problem, e.g. it's not a statistic that exists if you want to search books.
I think the work being done on question answering (given a question and a document that answers the question, provide a concise answer) is a place where a lot of interesting work is being done, both in academia and at Google with the snippets of web pages it provides.