I believe what people are trying to say about PR vs. SERPs is that your toolbar pagerank is just kind of a summary of ranking factors on the various keywords appropriate to your site; its relationship to how you actually show up in search results is indirect. Which winds up meaning that the main thing people use it for is saying "I have PR 5" for selling paid links, which is potentially misleading at best and not an activity that Google regards as legitimate. On the other hand, the important thing for getting real, relevant organic search traffic is how well you rank relative to other pages on keywords that are to do with your site. So, assuming you're wearing a white hat here, what you should check into is whether you're showing up when you search on relevant keywords. If your site comes up, don't worry about your TBPR being zero. If your site doesn't come up, you have a big issue and should work on link development related to those keywords.
For all those who think pagerank doesn't matter write google and ask for a pr0 for those who think it matters write for a pr10. Then everyone should be happy except the newbies but then it depends on what side they believe and something tells me they will join the pr10 side.
No worries man, if you are not doing any thing wrong you will be fine... just give it some time to recover, and try to focus on the SERP's more than the PR value of your website
if i submit lets say 20 articles to different directories with a long tail keyword anchor text linking to my site and the keyword is not that competitive,, in about how much would i rank in the top 5?
Ok then make a search on Google about Make Money Online. The first result is a PR 2 The Second is a PR 5 The Third is a PR 4 The Fifth is a PR 5
Just like good PR does not necessarily mean "top rankings". Same goes for "top rankings" may not have good PR. Having both on the top notch corner does not necessarily mean "Conversions". Work on all of them simultaneously with broad approach. If good PR sites are linking to you by targeting your desired keyword in the link text, you should see the fruits!