PageRank is still important, just not the PageRank we see in things like the Google toolbar. PageRank is still part of the overall algorithm they use apparently. As the guys mentioned above, having a high (or low) PR is no indication of potential traffic to your site.
Interestingly the word 'Page' in PageRank actually refers to the name of it's creator - Larry Page. It's just conincidence that it looks like it refers to website 'pages'.
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