This maybe old to some of you.
I have seen this in Inktomi results and Google seem to be talking about it.
http://www2002.org/CDROM/refereed/127/
Quote:
By making PageRank topic-sensitive, we avoid the problem of heavily linked pages getting highly ranked for queries for which they have no particular authority [3]. Pages considered important in some subject domains may not be considered important in others, regardless of what keywords may appear either in the page or in anchor text referring to the page [5].
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