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For example, PageRank (or not)... :-) ...question, still stands, just no example now.

Factors include how actionable it is, consistency of availability, or correlation to ranking.

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PageRank is not useless. It is very misunderstood. –  John Conde Oct 31 '10 at 2:32
    
This is a Community Wiki question. –  BenV Oct 31 '10 at 2:44
    
@BenV: Yes, it is, since it's a "List of XYZ" question. –  blunders Oct 31 '10 at 2:59
    
So go ahead and change it :) –  BenV Oct 31 '10 at 3:03
    
It is now community wiki :) –  John Conde Oct 31 '10 at 3:04
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3 Answers

up vote 1 down vote accepted

USEFUL:

Incoming link quality, links from high trustrank and pagerank pages with relevant content and keyword in anchor text. sans nofollow.

Unique non duplicate content, especially unique title and description meta tags. And sane keyword density in text, so text is not considered spam.

USELESS:

Position in SEM results, a myth many believe in us that appearing on AdWords affects your ranking.

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USEFUL: Keyword Rank

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Useless: Alexa Page Rank

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