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Google ALGORITHM BEHAVIOR

Those aren't really updates: they're either the result of algorithmic changes, or they're the result of a PageRank recalculation.

Google is making algorithmic adjustments every couple of weeks Some of those are minor and are hardly noticed, some are more noticeable -- and some of those are inaccurately termed "updates" by some people

High Page rank alone will NOT help sites rank better. Therefore, higher Page rank is only a result of an increased number of backlinks (which may or may not effect a sites position in the search results).

"Important, high-quality sites receive a higher PageRank, which Google remembers each time it conducts a search. Of course, important pages mean nothing to you if they don't match your query. So, Google combines PageRank with sophisticated text-matching techniques to find pages that are both important and relevant to your search. "

The advantage of having a high page rank is that you do get indexed more often. Meaning that if you are optimizing your site, or adding new content on a frequent basis, your site will have a better chance of appearing higher in the results pages.

A couple of quotes from Google:

http://www.google.com/corporate/tech.html
"Google uses PageRank™ to examine the entire link structure of the web and determine which pages are most important. It then conducts hypertext-matching analysis to determine which pages are relevant to the specific search being conducted. By combining overall importance and query-specific relevance, Google is able to put the most relevant and reliable results first."

http://www.google.com/webmasters/4.html
"Google's order of results is automatically determined by more than 100 factors, including our PageRank algorithm."

http://www.google.com/technology/
"The heart of our software is PageRank™, a system for ranking web pages developed by our founders Larry Page and Sergey Brin at Stanford University. And while we have dozens of engineers working to improve every aspect of Google on a daily basis, PageRank continues to provide the basis for all of our web search tools."

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Reference:
http://www.bluegeckonetwork.com