1) Page Rank is updating all the time - the little green toolbar that displays Page Rank, however, only gets updated periodically which is why people take notice when there are changes made.
2) The best way to increase your Page Rank is to get high quality links to your website. Quality is much more important than quantity when you’re looking at building links for Page Rank purposes.
3) Page Rank does not directly determine where you rank in the search engines but if you have high quality links to your pages and your content has been optimized around a certain keyword it will help you rise above the crowd.
4) Page Rank is a good reputation measurement. One of the first things I look at when I a visit a new webpage is its Page Rank. Is it a new site and not yet listed? Does it a have a low score? Does it score well? Based on the Page Rank of a company’s website I will decide if I want to spend more time getting involved and learning more about their offerings.
5) Don’t obsess over Page Rank. Continue adding value to your website visitors and building quality links to your site. If it’s a useful resource for people, they will return, tell their friends, link to you, etc. and you will continue building your Internet empire! Don’t just build for Google, build for your customers.
What happened with your Page Rank in this last update? Did you go up? down? unchanged?
I really don't give damn to page rank but .. sometimes it encourages me to use some SEO techniques which helps me to gain some position in search engine search results ..