I wonder if the main reason that YouTube has dropped it PR down is mainly due to the fact that although it is very popular it isnt really an authority on any subject. So while its very popular, in Google terms of things it doesnt really help surfers find information, it is an entertainment site.
I never knew why they where listed so high on alot of terms. I can see if the search term is for a video but not much else.
Although Google tried to make the PR concept clean, they failed in implementing it. YouTube.com is an evidence of Google's failure.
Pagerank is Google's measure of importance of this page , this means that google cares less for youtube now
Well, there is something going on in this update thats for sure. I think Google want to said with this update that there is no exception, but I think it fail showing that. But for example http://www.textlinksads.com/ went to PR2.
this whole update is a joke and I think it wont last too long, google will update pr again within few weeks.