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Since PR is just an assessment of the quality and number of links pointing to your site, it doesn't really matter what I think of the numbers they came up with. Basically, Google is trying to make their search engine work better.
I checked a few pages on my site, and they all went up by a little bit. I've never done any link exchanging, link buying or selling, and have even gone pretty light on the directory submissions. I'm not bragging, just pointing out that Google didn't simply downgrade the entire web. They said they like to see "links given editorially on the basis of merit," and they seem to have gotten better at figuring out which is which.
How this really matters is when I need to find information, and do a search. If there's less spam that doesn't even come close to what you're looking for, then recent tweaks have been effective.
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