So if anchor text should be devalued, has anyone got a suggestion of what to replace it with? Certainly not PageRank. That has already been dumped.
In my opinion, a good solution (i.e. a medium-term strategy with improvement of the SERPs) would be - increasing the weight of PR and decreasing the weight of anchor text while leaving the on-page / off-page relation unchanged - removing all information about PR - changing the PR sources - removing all information about backlinks