I still don't look at PR in the toolbar anymore. Just stopped cold turkey years ago. Hope mine aren't PR 0
My rankings and traffic have been steady recently and if anything an uptick over the past 3 months. My understanding, although a lot of buzz as mentioned in Karri's link, is this is no different than the past. The actual pagerank has already been factored into the rankings based on what has been updated in the toolbar. Notice everyones toolbar pagerank changed, but not universal ranking changes ... so that means it is already factored in. There was a bit of buzz last time as well, when the toolbar pr seemed to drop a scale down for those selling links. I believe that was the last update of the toolbar pr.
I've got 2 sites and the strangest things happened. One went from nothing to 3!
The other one increased by 1 point
Here is my explanation regarding things along those lines.
Realize that the toolbar pagerank displayed is a 1 to 10 scale. Actual pagerank is a much more precise number calculated based on an algorithm. Since it is an algorithmic equation as you go from each integer the actual distance between each increases. So from 1 to 3 may be equivalent from going to 4 to 5 based on the amount of "work/links" you need to do. As you go from 5 to 6, again the amount it takes increases to achieve each higher level. From 9 to 10 is the largest spread. Hope that helps take some confusion about the differences/distance between each number. It takes more to go from 9 to 10 then it does to go from 1 to 6 probably.