Tell me, would you rather have a site that was PR 6 or a Site that is PR 1??
Also lets say you get High PR do follow links to one of your keywords/url, and at the next update your site goes up in the SERP. If you have your site well interlinked the all the PR will be distrusted to your site, and it WILL make your site authority and rank it better.
Well I'd rather have a PR6 of course, but not because of the PR itself but because it represents a lot of backlinks to my site. I know those backlinks are targeted for keywords and so I should be ranking pretty good in the SERPs for those terms. If I were to make a choice between ranking for desirable keywords in the SERPs or having a high PR, I would choose a good position in the SERP for a low PR page over a bad SERP position for a high PR page.
You're other point is pretty valid though. The link sculpting that can be done on a high PR site is one thing that does make a high PR valuable on your own site, but even then that's still a factor of the linking. It's just internal linking rather than external backlinking. So the value is still in the power of the links on high PR pages (in this case they just happen to be on your own site). Another thing about link sculpting for internal links is that it can loose some effectiveness if there's too much linking or linking the wrong pages. I think for most people their site is getting much more value from the external links than it does from it's internal links.
Otherwise why do sites that have High PR domains rank for keywords they have not targeted on purpose .. they have just mentioned the keyword here and there in a article. Its because they have high pr and authority.
Well first it might be good to note that a lot of low PR sites also rank well in the SERPs for keywords they didn't target on purpose.
The reason sites that have high PR (or even low PR) also might rank for keywords they didn't target on purpose, is because among the cumulative total of all their backlinks they've also accomplished ranking for some of those unintentional keywords. This is in part because of the anchors and partly because of content on the pages. In other words the high PR isn't the cause of the serp ranking, the PR is just a
result of the same factor that's causing the SERP ranking.
That factor is the amount and quality of the backlinks.
I'll give an analogy that points out how causal relationships can be mistaken.
Years ago there was a study done in a major U.S. city. In the study they reviewed some statistics and found that on days in which ice cream sales were at their highest, the crime rates in the city were also at their highest. If you look at just that data then statistically you could draw a conclusion that there's a causal relationship between high ice cream sales and criminal activity. But of course we know that isn't the case - high ice cream sales don't affect the crime rate in a city, (and neither does criminal activity cause people to buy more ice cream. lol.) The actual cause of both statistics was that those were the days with the highest temperatures. When the temperature becomes hot a lot of people like to eat ice cream, and when it's hot a lot of people leave windows and doors open, (as well as more people are out and about) giving a lot more opportunities for criminals.
Just as the ice cream sales and crime rates in that analogy did not affect each other but were rather a result of the same factor which was high temperatures - The PR of a page and the SERP position of that page aren't affecting each other, but they're both caused by the same factor, which is the backlinks.
So while there is nothing wrong with wanting to have a high PR for your site, that shouldn't be your goal. The goal should be for building keyword anchored backlinks (especially on quality high PR sites) in order to get a good ranking in the SERPs for those keywords. The SERP position is what will get you traffic to your site which should be your main goal. If you get enough backlinks doing that then the PR of your site will most likely increase as well, but getting a high PR shouldn't be the goal, but rather be a byproduct of your real goal which is to rank in the SERPs for your keywords.