Matt Cutts has confirmed that there is a Google Page Rank update underway. In addition, data returned by site:, link:, and info: commands are being updated as well. As always, please bear in mind that Page Rank has very little influence on rankings. It's most inportant impact is that it determines the crawl depth and frequency of crawls for your site. Of course, these are still pretty important things.
A better way to think about ranking is in terms of "Search Query Specific Page Rank". In other words, for a search query such as "blue widgets", what is the collective page rank of all the pages about blue widgets, or closely related topics that point to your page about blue widgets. For the search phrase "green widgets", you need to do a completely independent evaluation. Still, we all love metrics for our business, so we continue to want to know our page rank. Nothing wrong with that. Just don't obsess over it!
Read Matt’s post Matt Cutts: Gadgets, Google, and SEO.