Hi I recently built a new site and had 2 different (legit-non spam) websites with PR>5 link to this new site. Google has picked up the backlink and has even given me a number 1 ranking for one of the terms, but I have yet to see any page rank transfer to any of the pages on the new site (even the one that is ranked). I built and submitted the site early December. I know PR is a tricky subject, just wondering when I might see some of the PR transfer from the other sites. Thanks!
As long as you have rankings and are getting traffic I wouldn't worry about what the toolbar shows. Toolbar PR seems to be the last thing that gets updated. If you built it in early December, you will probably start seeing green early to mid Feb.
Or the competition is sparse for the term he is ranking 1 for. The chances are that google has picked up your site via one of them weighted links so just keep an eye on it. You'll creep up the serps for your others terms and retain your #1 spot once you have pagerank.
Sorry I just realised I didn't even answer the question. It's getting late. Yeah, what these guy's said. You'll have PR, in a sense, but not your good old viewable green bar...