dusky - 9:31 pm on Dec 31, 2009 (gmt 0)

PR counts and is there for many reasons. Yes, the meaning and interpretations changed since 2005. My conclusion is, PR7 and upwards sites are closer (though not quite) to what PR used to be, below that, i.e PR6 and lower, tend to loose reliability as a rank and worth measure .

One of my sites was PR8 and received 2m+ unique visitors monthly (double digit million page views) back in 2005, its financial worth (taking into account 5 years of revenue) was close to $2m (definitely would've sold quickly for 1/2m), its PR then matched its worth, rank, membership and visitors, traffic, buyers etc. That site now is PR5 and 10-20% of what it used to be in every way above.
PR used to be a major indicator, now it is a minor indicator of a site's rank and worth, but the higher end PR7+ sites seem to show PR closer to the truth as a reliable indicator of strength and value.