wheel - 2:08 pm on Apr 2, 2010 (gmt 0)
I myself have a pr4 that gets very little traffic - whereas a friend of mine has a pr4 and gets HUGE traffic.
And therein lies one of the things where whether PR matters becomes a matter of opinion. Do you want the link for traffic? Or SEO purposes? If it's for traffic then PR gets blown out of the water (I've got pr4 sites that take little traffic). For me personally it's all SEO so I don't care how much traffic the site gets.