SEO for 2009: Is PR Dead?

Hi.
I mentioned before that I´m a frequent reader of Webpronews newsletter. Recently, when I read that Bruce Clay made a claim that “ranking is dead”, I was very curious about this statement.
We all know that, some months ago, Google did some changes in it´s algorithm affecting the way websites are ranked but the end of this system didn´t sound a realistic assertion.
PR issues will always be misterious once we don´t know how it´s determined, well, not exactly.
As long as PR is used to value a website it´s an important issue for all webmasters, specially for those that monetize their sites.
But the question remained, is PR really dead?
Well, Matt Cutts from Google answered this question in this video:
"Matt Cutts on Changes at Google".
In sum, Matt C. informs us that ranks aren´t really dead but traffic has more value. Check out what Matt Cutts said in this interview.