I don’t see any use of pr, atleast from traffic point of view. So, why is it so important for some people over the web ?
Let it be ‘important’ to some people. For Google, it’s NOT!
Here’s what Google thinks of it-
“Don’t worry. In fact, don’t bother thinking about it. We only update the PageRank displayed in Google Toolbar a few times a year; this is our respectful hint for you to worry less about PageRank, which is just one of over 200 signals that can affect how your site is crawled, indexed and ranked. PageRank is an easy metric to focus on, but just because it’s easy doesn’t mean it’s useful for you as a site owner.”
Because it’s something they think they can measure and quantify (although they can’t, not with any accuracy or reliability). PageRank used to be quite significant in Google’s algorithm, but it’s faded to almost nothing these days.
Google created PR so that those trying to rig their placement in the search results would have something to play with that would keep them occupied (in trying to get a higher PR) while having almost no impact whatever on their actual placement in the search results.
PR is important because it makes Google’s job of producing more natural search results easier because these so called “SEO Experts” who are trying to gain placement that their content doesn’t deserve are wasting time on the least important of the 200+ factors that Google take into account.
Page rank shown the Good will of your website which is given by Google search engine to your website.
There is some misunderstanding about PR because there are several PR’s.
1. (real) PR
Basically PR has been the core of the google algorithm. When internet started to growth in the mid-1990’s, search engines were of rather poor quality. Google innovated by ranking sites and pages on the basis of the amount and quality of their backlinks. This is the real Page Ranking (PR) based on several patents of google.
This PR is now much more sophisticated than initially and probably became multiple (several PR’s).
The google algorithm is also much more complicated than earlier. It still includes PR but also quite a lot of other factors (they refer to the “200” factors or groups of factors).
Anyway, nobody outside google knows what is the real PR.
2. Public PR
In the early 2000’s, google tries to make the google bar popular (because the bar provides google with quite a lot of pieces of information) and puts PR data in the bar in order to make it attractive.
Of course, they are not crazy enough to make public the real PR, but only a reduced form of it . Furthermore, they update this public PR only from time to time (while the real PR is reported to be permanently updated) and with a significant time lag. For some time, google has also used public PR changes as a signal to some sites (e.g. as penalization due to traded links).
So the public PR is mainly a tool of the google’s marketing, with little or no relation with page ranking.
And like any information released by google, it makes a buzz.
PR is used by moneymakers who have a set of blogs and sell links in them. Such blogs are of poor quality often and don’t have any traffic, have little backlinks amount… But the owner needs to differ them, and the only thing he have is PR that is different on each site without any reason. 
So, he set a price depending on PR and prefer to think that PR is important and PR is affecting link juice.
PR means that what is no of my site in view of Google. Page Rank show quality of our website’s. So PR should be high.
NO IT DOES NOT. Page Rank does not show any form of quality of a website. IT IS MEANINGLESS.
I think it’s more important before than it is now. It’s ever changing and we’re more than happy to have traffic and revenue than to worry about having a PR.
We all are working for getting traffic to the site, Google analyze the performance of your site, and more visit to the site means that your site is more relevant to the customer search, accordingly PR will be increase.
PR mean how popular this website is !so you high pr mean the website is good and a lot people like .like wordpress.com .but like chinajiaho.com just so so .but this can promote .
With that said, thread closed.