PageRank (PR) Update In Progress
It seems there is a pagerank update in progress, But so far the changes seem to be only effecting pages that had zero PR, and any changes in pages that did have PR has seen their PR decrease, As i predicted in This post.
While it is too early to predict what will happen when this PR update has fully rolled out it does appear that, so far at least, Google are dropping pagerank in an attempt to weed out spammy links.
You can view your current pagerank in all data centers by going Here or Here
There have also been a lot of webmasters, Myself included, Reporting that google are showing a reduced number of backlinks when searching link:www.domain.com.
Like i say though, We will have a better idea what google are doing when the PR update has fully rolled out, Pro SEO will keep you posted.