There are a lot of rumors on the internet that Google Page Rank is dead and no Google Page Rank Update was done from April. This is no true a PR was in Dec 2010.

High Google Pagerank one of the most important factor one will consider to estimate the quality of the website and even in Search Engine’s view that is most important which decides the SERP (Search Engine Results Page), It is not like a blog/website with less PR will rank less in SERP but definitely there will be some weightage for higher pagerank blogs.