I agree it's over-hyped, but the only reason it's over-hyped is because Google insists on displaying the 'Green Pixel Dust' in the stinking toolbar. If they would stop publishing the inaccurate, out-of-date, green idiot lights people would stop talking about it and hyping it and maybe links (even paid) would be based more on topicality and quality of site/page than on which page has the most inbounds from who cares where, because it's got a 'High PageRank', so it must be a good link to buy... TBPR is like when they forget to reset the 'change oil light' on your car... It doesn't mean anything real, except at some point in time you needed to change your oil, whether you need to do it right now or not is a completely different story.
Yeah, the real calculation still matters, but the 'fool bar display' only matters to PR sellers and the people who don't know well enough to completely ignore it and look at other signals instead.
Personally, I haven't looked at the PR of a site in over a year and somehow the sites I visit still work the same, still provide the same information, and yeah, my sites still rank the same or better than they did. How do I live without it? Better... It keeps the meaningless distractions down so I can concentrate on more important things like building better websites instead of building higher PageRank.
Edited: Gave away a bit too much for a minute. lol.