I agree with siyab. While they hold some value, they don't hold nearly as much weight as they used to. The PR on my site was a 5 for nearly 4 years and I just dropped to a 4 (probably because Google now devalues paid links and I used to pay for links a long time ago) BUT even though my PR is down a point, my Google traffic has been up to an all-time high for the past 3 months.
Same with Alexa, the numbers bounce all around but my traffic has been increasing steadily. The Alexa rank is dependent upon people who install the the Alexa toolbar on their browser so it's not counting traffic from people who visit your site without the toolbar installed.
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