I have new blog (for local visitor / Indonesia), and I register the domain and build the blog in less than two weeks ago but now has PR6, I think Google a little bit nuts, or maybe because I link the blog from my PR8 blog (in English).
The ONLY thing I look forward to with a pagerank update is finding out which pages Google doesn't feel the love for anymore. I don't care if pagerank is 0-10 on ANY page but I get to look for pages that previously had pagerank (of 0-10) that now return N/A or grey bar.
A pagerank update is a great tool in spotting older pages with new issues. Note: the pages very likely don't have new issues, they just don't fit the Google flavor of the month and one of the 200+ (500+?) changes a year did some damage.
I think it's because of the recent bug. At the first update (when some sites got a PR 0 ) our site got promoted from 4 to 5. The second update gave us a PR 4 again and now the third time we are back at PR 5. Maybe i should look for traffic changes between these dates? :)
I put up a one page site on June 5th and it is showing a TPR of 3 today. I gave it 2 links from my main site, one from a PR4 page and one from a PR3 page. I'm starting to get reciprocal link requests on this site, so far I'm ignoring those requests. The site doesn't rank in the top 100 for the primary kws yet, but I would not expect it to at this point. This site is on a new domain name (never registered before as far as I could tell).
A second one page site I put up a couple days later (and added no links to it) is still unrated, which is what I'd expect. I think I'll try adding just one link to that sit and see what happens. This site is also on a new domain name (never registered before as far as I could tell).
So we've had three PR exports to the toolbar in little more than a month - June 27, July 18, Aug 4. Something like this also happened back in October, I believe. Not sure what to make of it, but it does appear that the toolbar export for PR has become a little bit more of an "event" for Google - rather than a "non-event", as Matt Cutts called it last year.