This article is about dispelling myths that people believe will help them with Search Rankings.
1) Metatag descriptions help your rankings
They don't help in actually making your rankings higher, but they are useful because they may help describe your website to those who actually see your link.
2) The more inbound links, the better
In an effort to fight link buying (I assume), it seems that Google's algorithm has been revamped so that quality links matter, and mass low-quality links do not. According to this article, it seems that low quality links, if too many, may actually hurt you since Google may think you are spamming.
3) Pagerank still matters
Pagerank does matter if it is the only factor. However, in recent years there has been a move from making this less and less important. This rank basically used to say how important a page is in a matter, but now what matters more is context and relevance.
4) Google prefers keyword-rich domains
I am not sure about this. But basically it says that Google is now claiming that domain alone will not get you high on search results. Even if your URL matches exactly with what is being searched, it will not matter unless the content is relevant.
5) Websites must be submitted to search engines
Basically no need to submit your site to search engines because it will be found, no matter what.