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As due to the board's TOS I can't post the keyword nor the site's URL, you'll just have to take my word for it :).
[disclaimer]I am in no way affiliated to the site in question.[/disclaimer]
It seems like we've seen an increase of site's with no PR in the bar, even though it has loads of inbound links, and still ranks well.
Might just be something Google is testing, or might be a glitch.
Personally, I put it all down to the Everflux. The Toolbar uses the link map from the last full crawl, but the Everflux results are taking high PR links into account much more than in the past.
What I haven't decided yet, is whether the backlinks are taken into account during Everflux only for new listings, or whether adding a high PR backlink to a low PR page mid-month can boost it. If the latter, then we have reached the 'continuous change' situation that I recall WebGuerilla predicting early this year.