Although Google has not officially made any announcements about updating PageRank, there is enough chatter in forums and blogs to suggest that it is updating now. Most people are reporting a drop down in PR, while others are not reporting any change at all. We’ve not seen any changes yet, but we’re keeping an eye on it. While PageRank is important it’s not the only factor involved in SEO. In fact it’s one of perhaps hundreds of individual factors.
When we have definitive proof of the PageRank updates we’ll post an announcement on the blog.