Is Pagerank going the way of the dinosaurs?

If you eagerly watch your PageRank bar to check for any tiny little fluctuation in your site's rank, you've probably noticed that it hardly ever changes. Long gone are the days when we used to see PageRank update on a regular basis, and you could make decisions for link building and site health based on what your PageRank was..
But if you aren't seeing your PageRank change at all, does it mean anything in today's SEO world? This is the topic of a new Google webmaster help video.