Impact of using google bombs on page rank

What is the impact of using google bombs on page rank of that page? It should go down right? Recently google updated their algorithm to overcome google bombs. So this may take a while to take effect on some of the more obscure or less popular google bombs.

Take a look at the google bomb project which has numerous google bombs. Even then it has got a page rank of five. So does it mean using google bombs has no impact on your ranking!!Although i did not find any direct relation between google bombing and page rank, it is suerly against the guidelines given by google.

Will the new algorithm penalise blogs for having used a google bomb?And what about penalising those blogs which talk about google bombs and hence spam the search results.

I took a look at results for miserable failure after the algorithm update.So if google wants to stop hate mail they have to penalise those who use the words bush and miserable failure on the same page.