PR is just based on the number of backlinks..PR is how google ranks you.
So the higher PR you ahve the better you will do in google se results.
PR is very important but not the way people use it, people sell sites and advertising based on PR but its really what PR stands for, how high the site ranks in google.
If you get links from high PR sites it will help your own rankings in search engines because google weights backlinks from bigger sites a lot more than smaller sites (Same as bigger PR than smaller PR).
PR is worthless just for getting PR itself and not backlinks though, I never go by PR because you could get PR6-7 just by getting a few links from very high PR sites.
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