Sorry if the question seems silly but I see domain names for sale on DP with pr3 or pr4 and was wondering if you are using a domain with pr already in place but adding a new website to it is there any advantage to the high pr? thanks for you help!
page rank kind of lets you know how you're doing in terms of what search engines are looking for. However, they're not really important, nor do they indicate how well you show up on search engines. Web directory owners like PR because they justify higher prices with them.
PR has little to do with traffic, i guess that is why SamOwen also write "indication" If a high PR then you have most likely many links pointing to the site, with many links you can get visitors from the links. The PR also is used when being ranked in the Google search engine, a higher pagerank will most likely be higher in the searches for the keywords related to the site, which means more traffic.