I know that people tend to obsess a bit too much over page rank. It's only one factor in Google's estimation of your site, after all.
Still, it's hard not to be chuffed when your PR goes up, and miffed when it goes down. I'm feeling pretty miffed now, because the PR on my humor and opinion blog has just dropped two notches! It was PR 3, and it's now down to 1! And about 6 months ago it was PR 4. I don't know what I've done to provoke this fall. Maybe nothing; perhaps it's all due to algorithm changes ...
In any case I definitely don't want it to slide any further. I think I'll submit a few articles at various directories linking back to that blog URL. Hopefully it will help.
Thankfully my daily traffic hasn't fallen at all. So it seems PR has little or nothing to do with that.
This blog remains steady at PR2, however. Not bad considering that it's still pretty young, without much content.