Completely untrue. PageRank only indicates a page's link popularity. It does not indicate the quality of the page or the quality of the links on the page. Relevancy plays a much larger factor then PageRank as does anchor text. A link from a PR7 page that is off-topic is worth less then a link from a PR1 page that is on topic every time.

The reason why people consider PageRank the most important is because they don't know any better. That's why those same people start threads here saying, "My PageRank is so high but I don't rank well for my search terms". It's because they were after the wrong thing. They clearly don't understand PageRank and what it really means.

And anchor text matters a lot for inbound links. It's effect is huge. And it plays a role in your outbound linking as well. That anchor text is on your page and affects how your pages are viewed by Google. If your anchor text contains words you want to rank well for it is better then if it contains terms that are unrelated to your website. That's one reason why linking to unrelated sites is bad for SEO.