I think it's safe to predict that it will happen sometime in the next two years. But when it does, nothing will change in terms of Google ranking or traffic or anything else of consequence except impressing webmasters who are impressed by such things (and such things as Alexa scores). That's what everflux is all about.
Somehow, I don't see a link between search engine rankings and the PR itself either. Yet, a good PR is still earning a webmaster more than a 0 PR, that is a fact I would not ignore as long as it pays one to have a higher ranked domain/site..
Having fun with PR, too. As long as it doesn't get you distracted from the real point of your business, or if it is part of what you do, I find it attractive, and see fun coming out of it. I should probably have started a poll on "how many of you (webmasters) have Firefox installed without the PageRank checker addon"
"Why won't you eat your meat? How can you have any PR if you won't eat your meat?" ~ Pink Floyd, The Wall
This one gets my vote: "Since we cannot change reality, let us change the eyes which see reality." ~ Nikos Kazantzakis