Yeah, There is no relation between Number of Pages Indexed and Page Rank. I know a website which have traffic in millions, Indexed by Search Engines but have Page Rank 0 see www . fun maza . com (remove spaces)
yeah, google updated their pagerank again. This one was to punish webmasters. My site that was a PR 3 is now a PR 0.
Saw minimal results in my network of blogs. Few even had negaitve results, which led them to lose a rank.
i have kept track of a large number of paid directories and there have been a good number of changes over the last 2-3 weeks, especially for the bidding directories, many of whom have dropped in PR. my website went from 3 to 4. of course a good number, the majority of directories maintained the same PR, and some increased their page rank but not many