I have been working on an old 1998 domain recently.
Honestly, I was very upset with a yesterday reading that it went from PR3 to PR2. I was in reconstuction mode, not link mode.
I think Google unfairly loves the blogs right now.
Meanwhile... as I shed a tear... I am PR2... that is worth a cry
YET I still have contant traffic, mostly bookmarked and Google traffic has been on incease every month this year.
Is PR really important? (hint... say no... laugh)