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1. If you are on a page and using the toolbar you are able to access the google cache of the page, that means the page is in google's index. Therefore, the PR that G shows on that page is correct.
2. If the google toolbar shows that page as not being in the G cache, that means G does not currently have that page indexed. So if
A. There are any pages from that domain indexed, the toolbar will provide a (useless) estimate of the PR of that page.
B. There are no pages from domain indexed, or there is a penalty on that domain, you may see a PR0 or a grey bar.
SO, if the above is true, Google Toolbar PR is very useful for pages in the index, but can be ignored for their estimates on pages not in the cache?