Does anyone think that this can possibly be at the core of Google's page rank anymore? Most pages don't have any significant number of links any more, and if they do, they are presumably garbage most of the time. Who is out there writing articles called "How to find the best bicycle for under $500" and providing links to excellent, current reviews of bicycles under $500? The answer might not be "nobody", but my instinct is that it's so small that it's effectively the same thing.
Consequently, at some point, Google switched from trying to leverage human judgement (i.e. how many other people link to a page), and have been forced (?) to replace that with their own assessment of a page based largely on its own content, metadata and outbound links.
Whereas in the 2000's, you could blame people for crappy results from a Google search ("why do people keep linking to that stupid article"), at this point it seems to me that everything, absolutely everything about Google results can be laid at Google's feet.