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As others have mentioned, it is not dead. From Google's corporate Technology Overview page:

As Larry said long ago, we want to give you back “exactly what you want.” When Google was founded, one key innovation was PageRank, a technology that determined the “importance” of a webpage by looking at what other pages link to it, as well as other data. Today we use more than 200 signals, including PageRank, to order websites, and we update these algorithms on a weekly basis. For example, we offer personalized search results based on your web history and location.