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Yep, I also believe that PR doesn't really improve your search engine rankings and things. It is rather useless where there is alot of hype for no reason.
Although saying this, it is still rather good to have a site that has a good PR as so many people still only want to exchange links with high or good PR sites, purchase advertising of sites just because they have a good PR, etc.
So I believe that having a good PR does not really help your search engine rankings, but does help out when it comes to earning from advertising and doing link exchanges.
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