well IMO, the higher your Page Rank, then the more people will want you to link to their website. That means that they too will be likely to visit your site. this is just one thing for sure.
Page rank does not play any role in search engine rankings but if you have high PR then people consider that your site is in gud position and give more importance than other sites. Second as mabel01 said High PR makes link exchanging work more easy and you cud make money by Publishing links on your sites. In these areas your site's PR does work....................
I believe that the only thing that counts on PR is the content...I dont see any other thing that reflects the PR number you have
IMHO PR is not that much important now a days. Yeah but mentality of normal visitors and freshers have little bit effect of it today as well. They will surely look at the PR of the site they are visiting. But without PR or less PR today many experts are doing lots of business on net. And it is because of the quality of their sites. They know exactly what visitors want. In short, now days PR is not that much important.
Page rank only holds cosmetic value in search engine optimization. Traffic is not directly related to your PR but is directly related to ranking on SERPs.