I agree that Google is slow in updating the page rank. But that doesnt mean that google is slow in indexing the pages. My blog entries get indexed with one or two days of posting. For some artilcles even faster. But my page rank is still zero. Like many people I am also waiting for the Google page rank update.
Another misconception I have noticed during my link building campaigns that many webmasters are very reluctant to give links to low PR sites since they have the vague idea that high PR appears among the top notch for the particular keywords. I have seen my sites ranked among top 5 for many keywords with PR0, many sites having even PR3-PR4 appears on much back of the list for the keywords. So, I think that this myth should be busted also.
PR is about as relevant, these days, as a chocolate teapot is useful. Remind me... When was the last time it was updated? What are the odds it will ever be updated again? Who even cares?
So many people fail to carry out all facets of SEO. Backlinks I agree are essential. There are so many ways to get you page ranked but SEO is not the fastest way. It requires time and effort to follow it through but it is also very rewarding as you see you page progress up the ranking. Press releases are one of the best thigs to do.
Content is kng. No doubt about that. But how people will come to know about your content. Here comes the seo. You need to spread your content over internet. Try using facebook, twitter, myspace etc. Your content will have increased visibility. And automatically your rank will go higher. But you have to be patience.