Not bad, only problem is you could go and buy 50000 uniques in pop unders a month and get a nice ranking. Traffic probably has to be monitored as to where it comes from too.
To get a accurate ranking system in place, you have to have a "birds eye" view of the net. Google has that. This third party system won't have enough data to be statistically relevant. It's a nice idea though.
The best way to have a real page rank is not to have one at all. I've said it before and I will say it again. If Google or any search engine removes the "rank" of a website many problems will go away. The reason people are so hot tight about it is that they want a good rank. Its a bit like playing a computer game. You want the number one rank and you will play and play until you either get there or cheat to get to the top. If Google removed PR and said we will only base sites on the quality of the content and how relevent it is to the search people will stop trying to game the system by buying links and trying to SEO there content so much. What people need to do is stop worrying about having a good rank. It is good to have a high rank, it feels all warm and fuzzy inside, but you should ignore it. The reason for this is that if you have good quality content all the good stuff such as traffic etc will come naturally. If you spend the majority of the time trying to get a pr that is high but don't write anything, it will be a waste. On a side note, why does a high PR matter. A pr 10 site may be good and reputable but if you don't have anything worth visiting then it will all be a waste. I think that mostly sums up my thoughts. I don't like page rank!
I think this ITK will only be used for those within the PPP community in order to position blogs for more opportunities within their network. I know as a postie within their network my blog took 2 whole PR bumps in the negative direction. Also because of Google's paid linking issues many posties may have stopped taking opportunities.
This is the crux that makes this ranking idea collapse. It is very cheap to get 50k uniques/mo. or more.
By the way, if you install the Real Rank javascript code into your site, you will automatically recognise by Google that you are using IZEA's services which Google is now against, especially PPP. I agree with what Blackmane said, PR is nothing. What is the accomplishment if I give you a PR10 but your site is only visited by you everyday? What if people with a PR4 blog or site can make more money than your PR10?
Glad you did write it though, cos it sums up my general view of Page rank as well. It wont be the end of the world if Google decide to drop PR.