Considering how much people talk about how little PageRank really means, a lot of fuss has been made over the last few weeks as Google updated their data centers and caused havoc reducing big names to minimal page ranks.
At the end of the day, we all care what Google think. They may not be the best search engine out there, but they are the industry standard. We don't "search" for things on the net anymore, we "Google" them.
A while back (late 2005), there was talking of getting rid of PageRank entirely, but this seems to have been shelved. Perhaps this re-shuffle is Google's way of hitting back at sites that behave in ways that piss them off, or perhaps we will start to see a more regular change in PR's.
Google has the power, it's not worth getting mad about it either. They say PR drops, it drops. They say it goes, it goes. There will be life after PageRank.