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So, for example, if you were crawled in the beginning of January 2003, your backlinks will most likely show during the monthly update which historically happens during the last week of the month.
Untill now, I never had any problems with this approach. As long you do control it on a regular basis, dont worry too much about it. Do it when you have time to do it.
Two things to watch while checking PageRank are the Toolbar guess for pages with no PageRank, and 'merged URLs' where you may see the PR belonging to another URL.
It used to be the case that you could use Google's cache to spot these things, but now you can see the PageRank from the last full update, with the cache from the Fresh bot. If anyone knows a way round this other than checking only at the start of an update...