squarks said:
The U(1) generator gives spin,
No. The U(1) generator forms a linear combination with one of the SU(2) generators to give a photon. The orthogonal linear combination gives the Z boson.
SU(2) generator gives rotation...
Again, no. The SU(2) generators form linear combinations to make W+-, Z, and the photon.
"Why are rank 4 groups important in the context of describing the unification of strong, weak and electromagnetic interactions (from physics point of view)?"
I don't really understand what jambaugh's saying---so apologies if I'm repeating something (s)he wrote.
Let me attack this from another vantage point. You can take the generators of SU(N) and form what's called ladder operators---the example you're probably familiar with is SU(2) spin. There, you take the Pauli matrices and form linear combinations:
\sigma_{\pm} = \sigma_1 \pm i \sigma_2
The ladder operators work on a Hilbert space of spins, so that
\sigma_+ |\downarrow\rangle = \# |\uparrow\rangle,
\sigma_+ | \uparrow \rangle = 0,
where I've forgotten the numbers. Then the diagonal sigma matrix is left alone:
\sigma_3 |\uparrow\rangle = | \uparrow \rangle.
How does this work with W bosons? Well, SU(2) from the standard models isn't REALLY isospin, but is completely analogous to the SU(2) spin example I just showed. You can imagine the down quark as having "spin down" and the up quark as having "spin up". Then, schematically:
W^+ | down \rangle = |up\rangle, etc.
So the W+ and W- bosons change "upness" and "downness". The Z boson, on the other hand, leaves upness and downness alone.
We can generalize this. In SU(3), there are eight Gell-Mann matrices (generalization of Pauli Matrices). The diagonal Gell-Mann matrices (look them up on Wikipedia, usually \lambda_{3,8}) commute with each other. The other six form linear combinations which I forget, but look suspiciously like the \sigma_\pm that I wrote down above. These six linear combinations of gluons change, say, a red up quark to an anti-blue up quark, for example. The diagonal generators don't change the color of the quark at all---they change red to anti-red or blue to anti-blue.
Now it turns out that these diagonal generators are very special: you can add or multiply two diagonal matrices and always get a diagonal matrix. Also, diagonal matrices A and B always obey AB - BA = 0. You can see they form sort of a subset of all of the generators which are floating around---technically, we call this the Cartan sub-Algebra. The number of diagonal generators of SU(N) turns out to be N-1, which is the rank of SU(N). In general, the rank of the gauge group is the number of diagonal generators of the algebra---so you can see that if you want to get the SM from some larger group, that larger group has to contain at least the diagonal bits to give you the proper mathematical structures that you need.