Yahoo! Webrank
According to Yahoo, "Yahoo! Web Rank" is a measure of how popular a web page is based on the number of links pointing at it.
When you enable the Web Rank button on the Yahoo! Companion Toolbar, the URLs you visit will be sent to Yahoo! in order to get its Web Rank (from 1 to 10). The info sent about the URL is anonymous and DOES NOT include your Yahoo! ID or any personally identifiable information.
According to me, It is not like Google Pagerank in any way, Though Yahoo says it takes links into count I feel it is not the case, They mostly check the popularity of the site from people using their toolbar and use that data to assign a webrank to it, This is another good feature of yahoo to get into a direct competition with the Big G, Google is our words,
You can turn off Web Rank at any time from the Toolbar Settings menu (pencil icon). When disabled, URLs are no longer sent to Yahoo!.

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