Yes and no.
I think PR is important for getting some good trades with other webmasters that believe in it. I do consider PR when considering a link trade. However, some webmasters I know obess over it beyond belief. It's just one measure of a site that I like to look at.
Whenever I go to any site for any purpose, I always look at the PR on the G tb and the Alexa ranking as well. Neither one of these is the end all be all measurement of a site's value, but they at least give you an idea of what ball park they are in, which gives you a basis for how you might deal with them for any business purpose.
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