I am sure that Page Rank is really important thing if you want to generate traffic to your web site. There are many useful tips how to increase page rank of the web site. I think that link exchange plays an important part in increasing traffic.
PageRank is show the importance of your blog from search engine point of view, and not from internet user point of view. So, it's not related to traffic. PR is just about collecting backlink
I dont really care about it, as long as ppl come onto my site, read my content and are amused/helped by it, I'm happy
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Well I see that PR is only to measure how much price do we should pay if we want to put an ads there. Because I see some blog and site with high PR always get more visitor and more ads.. and the price is quite high too.
Well, I don't bother whether whats my page rank is, because its just a waste of time. You will get your PR , depending upon your site content.