As I understand it, the G Toolbar usually lags behind. I use the Toolbar as a "estimate" with the Directory as a more accurate source if I choose to get that specific.
hurricane sh: Google has been late before: Last update June 23, 66 days and counting. Aug 8/2003 54 days May 6/2003 61 days Mar 6/2003 41 days Apr 6/2002 45 days Oct 28/2001 42 days Oct 22/2000 54 days While this update is the longest on record it is only 5 days longer than the May 6/2003 update. Check out my Page Rank Update List page to see the dates for the last 4 years.
Looks like something is going on with PR. Several new pages on one of my sites went to PR0 from no ranked around the middle of last week. The pages should end up with a PR5 or 6 when the update is finished.
that generally just means google has recognized the page. an actual update generally lasts 2-3 days only, and has not started yet.
Going by what I've seen with other pages: At first the pages would say (in the G toolbar) that the page is not curently ranked by Google. Some time later the pages would show a PR0 in the toolbar, then after more time passed they would get a "real" PR calculated. It seems that not ranked and PR0 are different states, but I'm not sure.