Yes there is too hype around PR unfortunatly its something that ive got caught up in lol , for its an indicator on how well my sites doing although i can check that in other ways like traffic etc, it's nice to see a visual indicator, weird i know lol
Another thing as you have pointed out it can be very profitable for advertising as Myspace and ebaumsworld.com have found out.
I know PR has nothing todo with Serps and Traffic but my site all ways see's improvement in serps and Traffic around the PR updates, not sure if its linked but there must be something in it.
Thats my take on it anyway other webmasters will have there own reasons and beliefs about it



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