While PageRank is not as important as it used to be, it does play a minor role in establishing a site’s rankings – especially if you want to rank well on Google. PageRank does affect spider crawl frequency.
An interesting PageRank tool at www.webmastereyes.com lets a user enter a URL and returns graphical PR bars on all the links on that page. With this tool, users can check the PageRank of pages linked to on any single page quickly and easily.