Interesting topic. I have found it true that msn does a much better job at backlink digging, however if they are number three in the world of se’s then that is of little use to webmasters as most people use google or yahoo. That being said, I agree that people really do put too much emphasis on PR BUT it is what it is. Most webmasters do not want to link to something for nothing ( I have found this out through my own experience as well.) If you are new, I still think you have to build links ( as I’ve read over and over in the SEO forums, ) but in another breath they say content is king. Yes it is, but who will view all that nice content if no one can find you. 
My 2 cents for no cents (or sense lol)