Thats the way I look at it too.

If your site has good quality content and you build some good quality back links (not just links for PR) then your going to do a lot better than if you concentrated solely on PR.

The main reason I can see for people setting with the goal of simply getting a high PR is to sell PR links to people who are still fixated with trying to improve their own PR rather than actually trying to improve their website and their SE rankings and this is the type of thing google are actually supposed to be clamping down on, so focusing on just PR is eventually going to do your site more harm than good anyway, isn't it?