True -
PR of a site has little to do with SERP placement. This has been proven in a number of studies over the last year or two.
PR certainly does have effect on how often a site will get crawled and thus can carry a lot of importance as you add keyword specific pages that you want indexed rapidly and positioned well in the SERPS.
PR is always a good thing no matter how you cut it but it does not guarantee SERP placement.
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