Where is Google’s famed PageRank system going after the recent shakeout that has seen many top-ranked blogs fall off the PR cliff?

Many starry personal vehicles and big blogs are now on a PR of 3, down from 6s and 7s, although the quirky BoingBoing retains its 7. Techmeme has a PR of 4; the front page of Britain’s biggest selling newspaper, The Sun, is also on 4, as is The Blog Herald.

So why is this happening and, more to the point, what is it doing to Google’s business model?

John Evans has a go of making sense of this conundrum over on Syntagma.

Read it here.