tangor - 11:51 pm on Mar 15, 2010 (gmt 0)
Elsewhere there's discussion to a recent interview with Cutts. Here's a quote which suggests PR does have a use: How often and how deep G will crawl your site:
The best way to think about it is that the number of pages that we crawl is roughly proportional to your PageRank. So if you have a lot of incoming links on your root page, we'll definitely crawl that. Then your root page may link to other pages, and those will get PageRank and we'll crawl those as well. As you get deeper and deeper in your site, however, PageRank tends to decline.
Viewed from that point of view perhaps PR has some value after all. :)