Now that submitting articles doesnt help our sites PR's or other important rankings very much, what is the new way to help our sites by paying money?
Doing it the old fashioned way by saving your money. If I were you, I'd consult the "What is a good SEO Strategy" section of the Search Engine Optimization FAQ over at SitePoint: http://www.sitepoint.com/forums/showthread.php?t=182915
yes it will help to drive link but it wont help much to increase PR as your article will be fresh page. You can purchase links from blog content having relevant theme and good PR. and you can go for comment posting to blog having dofollow links and relevant theme. there are many other ways to get quality links and PR. Just try and experiment for the same.
Yes, Articles can still drive backlinks. The problem comes from budget point of view. How many can run good article syndication campaigns ? Anyway I had covered How can we get links from Article Syndication in my Link and Traffic building list. There I have also talked about creating squidoo, hub and zimbio pages as well as free/paid press releases. A little bit of this and a little bit of that should help you.
Save your money, unless you the capital to buy your way to success. You have nothing to lose with free and low-cost link-building techniques.