Simply put, Google's PageRank is a value placed on a web page, the higher a page's PageRank (or PR) the better.

PageRank is not applied to a whole web site, rather each page within a site has its own PageRank (even if it's zero). A page receives PageRank from the other pages that link to it (both on and off site). A percentage of a page's rank is passed on to the pages it links to, the more links on that page, the less each page being link to will receive.

So having a link to one of your pages on a high PR page is good if there are not too many other links on that page. I compare it to Halloween. If PageRank was the amount of candy each house had, a PR 8 house would have a lot of candy. If only one kid (link on the page) showed up, that kid (page) would receive about 85% of the candy (or PageRank). If a hundred kids (links on the page) showed up, not much candy (PageRank) would be passed on at all.

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