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PageRank is a good indicator of how many other sites link to your site and how important Google considers your site to be, but it's not the only thing one should concentrate on. Ranking on targetted keywords gets you traffic and sales undoubtedly. PR is one of those factors in getting good rankings.
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Page Rank gives idea about your backlinks. It helps to determine your popularity. When your backlinks are more then it helps in getting high PR. But PR is not the only important factor. There are many other factors which are important like keywords, content, etc.
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yes, pagerank is important, it shows you the popularity etc
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