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I completely agree with that crazy. The concept of PageRank is a great concept, but like everything, people found a way to cheat the system (Basically buying PR by buying links on high PR pages)
PR really has no value, the only value it has is so that people buy text links in order to get their own PR up but at the end of the day, what advantage do you really have from having PR?
Traffic is King and not PR
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PR isn't truly reliable IMHO because of what has gone on but I think that in order to make the larger sales it doesn't hurt to have a decent rank. It's one of those things that isn't the most practical thing in the world but it can help the value if you plan on selling.
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Yes...traffic is king. But, a good PR leads to traffic. A PR affects your position in the search results. If you have a higher position in the SERP, then you are bound to get more traffic.
Page rank is updated every few months, but your actual level of pagerank ie. 5.1358461595 is always fluctuating and changing your rankings. You only see a visible update when the green bar is updated.