The issue is, it's no longer web 1.0. You don't have a few thousand geeks with domains, you have about a billion users with blogs, tweet streams, and facebook pages. And so Pagerank, which implicitly works off domains is busted.
It does involve domains as well. That's why demandmedia and the like used to have higher rankings. Any old ehow article isn't linked to by many, but taken as an aggregate they are. I've always felt that they should be ranking individual pages and completely disregard the domain. We'd see a lot more expert content that way.
What you're describing is not PageRank, but the extra information that Google's current and secret algorithm uses. The PageRank algorithm doesn't involve domains, and no amount of downvoting is going to change that -- check your facts.
