This is from quite a while ago, but it has no replies and it's still a relevant discussion point, so I'm gonna go ahead and respond anyway.
For me personally, yes, it's still valued. They have changed a lot and it's not the *most* important number. It's still relevant to have a higher PR, though, for the sake of getting advertising. For private ads, they usually value a higher PR.
I agree with Jessi, a high PR has benefits in terms of getting accepted into ad programs and such but it's ironic that it is completely useless for it's original purpose isn't it?
No longer is a high pagerank a sign of a top ranking page, quite often you can find a PR5+ outside the top 10 with a PR1 being #1. Still, I'll take a higher pagerank, it makes negotiating in some ad networks much simpler.
As someone who makes an income from sponsored posts PR is VITAL, it is honestly the only thing that advertisers seem to care about. They value it above quality of content. Jessi is right when she says it doesn't indicate quality, we all know of some rubbish websites who have a high PR rating.
I didn't realize that PR was important for ad programs. That's not my marketing strategy. I usually ignore PR because it's not longer valued as it once was. I have seen a lot of backlink sellers tout PR of their websites.