Pagerank, text ads and comments
http://www.ASPAlliance.com now allows you to comment on articles - great stuff. Constructive feedback is always beneficial to authors, particularly people writing technical articles. Only problem is we will need to dilute the utility of this feature because of gits who will abuse it. What am I talking about?
Well, there is a growing trend in the dodgier districts of SEO land where people use low paid staff or bots to trawl the web looking for places where they can add links. Blog spam, wiki spam, comment spam, sandbox spam, call it what you will, they are exploiting search engine algo love of links to further their own ends at your article or blogs expense.
And the worse thing? Your own blog or site could be harmed in the process because you are linking to a bad neighbourhood :O(
I firmly believe in PageRank, I think the web is about links and it is a good way of working out if a site is considered important or not, see explaination and discussion on the topic here and here. I don't think PageRank is at fault, stop urls being posted (even though they are useful and interesting) on your site and the spammers will not bother you.
Edit: Just to prove my point, look what is happening in the comments here before he deletes them (links added in the comments, no text, just adult links. Shameless)
http://jeremy.zawodny.com/blog/archives/002068.html