A paper from Satyam Mukherjee of Northwestern University implements this algorithm on cricket matches to arrive at a new scheme for ranking countries and captains [Thanks to Neelima Gupte and Sumathi Rao for the link].
Quick summary: Australia rulz. [D'uh!]
What is more interesting (I have only skimmed the results) is the separate, decade-wise ranking. India's best record is for the 2000s (second in tests, and third in ODIs). It was also #2 in the 1970s for test matches; the following remarks give a flavour of what PageRank algorithm does:
Even though the early 1960s were poor periods for England, during the late 60’s England defeated stronger opponents like West Indies and Australia. Hence judging by the quality of wins, according to PageRank during 1961 − 1970 England was the most successful team. A similar effect is also observed during the 1971−1980 era, where India occupies the second position according to PageRank. During the same period India defeated stronger opponents like West Indies and England. [Bold emphasis added].