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PR DOES affect SERPs and traffic! Its always just been a variable part of the ranking algorithm (currently probably a small part). ...its just that when Google export the PR to the toolbar for us to see, it just a historical representation that was factored into the SERPs weeks before the export --> no change in rankings at time of export. If there is a change in rankings and/or traffic at the time of the export, look for other reasons.
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