Hello Janeth.
While links with good anchor text are very important for getting good rankings for individual pages (SERPS, not
PR), content is indeed king when it comes to the success of a website as a whole.
A site with a PR6 home page with only 20 well-ranking pages will usually receive less traffic than one with a PR5 home page with 150 decent ranking pages. Why? Because the PR5 site has several more chances to be "found" in the search engines, and ultimately more chances to gain non-reciprocal links. More "roads" to the site if you will.
I don't concern myself so much with
PR. I'm more interested in targeted traffic because traffic is the engine that drives income for most sites, not
PR.
If you continuously work for more traffic, the
PR will follow eventually. If you neglect content in a quest for
PR, the traffic won't necessarily follow the
PR on a comparable level.
Of course deep advertising pockets make a lot of this irrelevant, but deep pockets are few and far between for most webmasters.