Well the Page Rank has been updated. I went from PR 0 to PR 2 after my forum being open for a little over a month. You can check your PR here at http://pagerank.info
Yeah the page rank has been updated. I lost some PR on some sites and also got better ranks for some sites. If your site is still new and you know that you have not done a good backlinking campaign then it will be tough to get a descent PR for the site.