PageRank: Dragging Google Down?

So people are still reeling over the whole PageRank fiasco we had recently, and some are wondering when the next update will be. That is the biggest problem with creating a complex ranking system: keeping it up to date. PageRank epicycles are chinks in the Google armor. It allows others to work on creating ranking systems, and it allows people to exploit their PageRank for upwards of four months. If you build up a great site, all the way to a PageRank of six, you could then for four months abuse that by adding every advertisement under the sun, and basically selling your PageRank. This could line your pocket with a fair bit of money before Google comes back around and updates things (most likely penalizing you for the “horrible” thing you have done).

Are you already planning for the next PageRank update? Are there any other metrics that are now considered more accurate to the quality of a site? Let me know in the comments below.