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Normally, PR changes are caused by additional links on the backlink pages and/or a drop of PR of those page (i.e. from a high PR6 to a low PR6).
I have a PR8 site that you can barely find in the search engines unless you search for it by name, and I have a PR4 site that is in the top 3 (usually top 2) natural results for a ton of relevant keywords. Stop chasing PageRank and focus on getting TRAFFIC if you want to do well :)
One channel has changed. our site, and most of our competitors in the region have all dropped on ranking point. The rest of our sites seem unaffected. A little strange, but Google is always changing.
I am sure that most people would find that if their own site went up or down, then most likely a number of competitors would have done similarly.
and yes, PR matters. Provided the rest of the SEO stuff is equal or near equal, PR will boost you. If you don't agree, please link to my site (sticky me :)).