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If you're got PR7 you should be able to wipe the floor with the competition for most keywords if you use even basic SEO.
Personally, I subscribe to the theory the PR doesn't go up in 10 steps, and that it's a lot more than that. I've heard people say 20+ steps, but there's no reason why you couldn't have PR7.654 for a page. In other words, working on your inbounds should yield progressively better results even if you're just showing PR7 on the Toolbar.