Google danced again and the page ranks of websites all over the world is changed. I am happy because our Bee English Dictionary reached a PR of 4 from 0 in just 3 weeks. Earlier this Web 2.0 dictionary was hosted on a subdomain of our site vocabbuilder.net. We had a lot of discussion on changing the domain internally because Google Webmasters Tool does not allow change of address from a subdomain to a full domain. This would mean all the indexed pages on earlier would need to be re-indexed and we were not sure how much time Google would take in doing this.
We finally decided to bite the bullet. Put a 301 redirect on all pages of the old domain (basically subdomain). Requested webmasters of pages having links to our page to change it to new domain. Some of them actually complied.
The thing to note here is that the Google has two page ranks for every page. One to show to the world through Google Toolbar and other to use in search results. Previous one is updated every 2-3 months and that is what webmasters called PR of a page. If your site/page is old enough you can be pretty sure that your actual PR is very close to your PR shown in the toolbar. We are confident now that our site is getting traction and is being referred by web pages.