I just came through a blogger talking about this particular fact - “page rank does not affect rankings in SERP”.His blog has been currently given a PR 0 but yet it seems that there is no change in his traffic.But you should note that he has quite a good amount of quality links and google has just penalized his site.Its not that he has no links from anywhere outside.
So if you are slapped by Google for paid links just do not worry until you have the backlinks live.For more info you can have a look at the blog post below :
http://makemoneyforbeginners.blogspot.com/2009/01/making-money-online-anonymously.html
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