Scoble has blogged on how links from him will increase a blogs PageRank and about google power.
But does having a high PageRank help a blogger? That depends on why you blog.
If like me you just like to share information and get new friends (and Readers) then PageRank really does not help. PR just makes it easier for people to find you during a google search, by ranking you higher. But how many people search for a blog to read in Google.
Most people who search via google are looking for answers, not thoughts.
When I search for blogs to read, I use either a blog directory or people's Blogrolls (also feeds.scripting.com).
So I am sceptical of whether having a higher PageRank really helps you have more readers. It does help you get more hits, but readers, that is a different thing altogether.