Recent events of Google's madness with PR have made me think that toobar PR is well & truly DEAD- thus lost its relevance & significance. Reasons, -- Many old and high quality websites ( I can't cite examples here because of the forum rule) - with hundreds of quality backlinks which they acquired organically through useful resources have become PR0 ( hand edited penalty) Now, the question arises - " What is the use of and relevance of PR if real values of the inbound links are not reflected on the updated toolbar" ? Is Google making a fool of itself ( full of hypocratic policies?)
It has been a hot issue for quite some time. The obsession of getting high PR has left many webmasters disillusioned or discouraged after their sites were being slapped with 0 PR with no definite reason at all. I am not certain whether Matt Cutts has discussed this issue in his blog, but if there is one from him, let me know.
Never heard of Trust Rank. I've not been around long but the only benefit I can see to having a high PR site is that you can make more money charging for links.
Google Tool bar PR is not irrelevant or dead till date it's a part as PR has nothing to do with earning you money as PR will not cause High traffic to come on your site and earn you money. Its SERP which will help you in earning money and getting high traffic on to your site.
I quite agree with you even I did notice big sites scaled to PR0. I guess this is only a temporary change. Typically when there is a PR update, sites do have PR0 and then show the correct PR. Currently, Seologs shows the old PR. Digpagerank shows PR N/A or OFF. I assume CheckPageRank.net shows the new PR. I did verify with dozens of sites/domains.
In my opinion G wants seo ppl should consider it dead while its not. PR is very important factor to establish quality of a page on long term but G has recently started to kill PR tools. Personally I have tried various small hacks to make digpagerank work but now it seems G doesn't want PR tools to work. They have adapted aggressive approach now. Let see if it goes for good or bad. (imho its bad)