http://www.youtube.com/watch?v=p8mUXQzwEvs

Since this term has become so popular among SEOs, it was commented on during a recent short interview.

Many SEOs have concluded that TrustRank was basically a higher form of PageRank, that extends more credibility to either a domain or Web page regarding any information or links.

It may in fact be non existent regarding any impact on Google SERPs. It appears to be more of a security algo as opposed to a ranking factor.

But this is a classic example of how rumors take off and spread around the globe with a life of its own....
http://www.google.com/search?as_q=&hl=en&num=100&btnG=Google+Search&as_epq=Google+trustrank&as_oq=&as_eq=&lr=&cr=&as_ft=i&as_filetype=&as_qdr=all&as_nlo=&as_nhi=&as_occt=any&as_dt=i&as_sitesearch=&as_rights=&safe=off

   However on Yahoo Trustrank, represents a separate assessment of relevance.
http://en.wikipedia.org/wiki/TrustRank