That is just Toolbar PR, so it really means nothing (unless you have a higher number, which is good just for bragging rights!).
Why people think this way is really a mystery to me. Wouldn't you rather have an ad on a site with high traffic than high pagerank?
PR1 is slightly better than PR0 While I don't expect you will notice any difference in terms of traffic and SERPs, it's nice to have at least PR1 when submitting your site to directories. Your chances to get listed are much better.
quote FTW anyway, i seldom see PR1 sites, they are either 0,2,3,5,9,10. or at least thats how it goes for the site that i frequent
Traffic is much more important. If you have high PR but any traffic, then you cannot get any potential clients for your business. Try to get traffic and then increase your PR.
Don't worry about page rank too much..worry about getting visitors and converting them visitors into customers......unless your selling links...
Just worry about where site is listed in search for terms you want. Pr 1 is easy to get but atleast the site has pr and is listed in google some are not.
PR though important is not everything, traffic, keyword positions, revenue or income also. I think one thing to remember with SEO, is it is not just one thing in one area. It is a combination of things across a variety of areas and you need to look at all these things.