Historically, Google has updated the PageRank numbers shown in the Google Toolbar every 3 months ago or so, but those numbers haven't been updated since February. This means 8 months have gone by, or two updates have been skipped.
In addition, Google's Distinguished Engineer Matt Cutts has said Toolbar PageRank won't be updated again this year, leading many to speculate that PageRank is going away. I won't miss it because I don't look at PageRank often and I normally don't have a Google toolbar in my browser.
However, a lot of people still use it as a crude measurement of a site's prominence.
For sites with a home page that has PageRank 7 or higher, it may in fact be reasonable to assume that the site has some chops. Correspondingly, sites with a home page that has a PageRank of 3 or lower, it is either new, or probably a low quality experience. Stuff in the middle, you just don't know.
If Google shuts off this data flow entirely, which wouldn't be surprising, then they will have to rely on other real world (and better) measurements instead. This would actually be better than using PageRank anyway, because Google says they don't use it that way themselves, so why should we?
