The next update is on the 27th of June at 11:42AM. Send U$500 to my paypal account and I'll tell you how I know.
google update are done not in one day but for a period of time. it could be one week it could be 2 week. who knows. the bigger the Net the longer time it would take unless they are willing to spend billions of dollars adding more resources.
I can tell you from experience that PR is not that important. One of my sites' PR went up by 2 points in the past update, however pageviews have been steadily decreasing, even though the PR is rising. I need to focus more on keywords, relevance, and anchor text as opposed to pure PR.
PR is not the be-all-end-all, just as Alexa rank, etc. I know a lot of people get their panties all twisted over this stuff, but in the long haul, it's better to focus on developing quality content, consistent traffic and targeted advertising.
I do! don't act like you don't I'm hoping one day to have a whole flock of pigeons, I'll tattoo my url on each bird and then will let them loose in the city!