Order of pages using Site: commander

When you use the "Site:domain.com" to search for indexed pages on Google, does the order of displayed pages have any meaning? Are they ranked by time indexed, importance, popularity, or pretty much randomly? Since the homepage usually comes up first, it is probably not completely random, but the order for the rest doesn't make too much sense. Just curious....

 

I think there is a formula to it....Google just doesn't let us know what it is

 

It seems like importance, my directories are displayed before the sub-pages.

 

lol ...