How do you get PR? Is not it because of high quality links? So if you get high quality links --you are definitely going to have good PR and also Good SERPs. PR alone is not the deciding factor for serps --no doubt about that. So goes my theory Relevant content is the KING, Quality Backlinks (=PR) are the Queen. (G founders must have been fond of Mediaval Kings --who hadrequired so many Queens)
I agree wih that. PR not the main factor to decide your SERPs, but it good to have high PR. Content and backlink are not enough , you still need a good SEOs and continuous fresh content input.