Links are vital for PR but "Position" is what brings traffic.

Position can be achieved without obsessively worshipping PR.
Time spent creating quality Content is often more productive than the same amount of time pursuing inbound links and watching the little green bar.

Try disabling the Google PR indicator for a month and suddenly you will find you've got a few extra free hours. Use these extra hours to create "Quality Content" and you might be surprised at the rewards.