Google Up, Google Down

What is with this whole Google Page Rank anyways? A lot of websites base the popularity of your website on the PR of Google, but does it really mean all that much? Last week, when the updates were done, this blog was a PR 3. This week already, my blog is down to a 2. But my traffic has only slightly INCREASED. Doesn't that mean it's MORE popular than LESS popular?

If anyone has this puzzle figured out, feel free to let me know.

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