Matt Cutts has mentioned there is a pagerank export in progress.
Pagerank reflected on your toolbar has no effect of your search engine traffic, as the pagerank used by the various data centers is different to that used for your Google Toolbar. Toolbar OageRank is just historical data, often up to 3 months out of date.
Matt also gives one of the best explanations of supplemental results and how it effects webmasters that I have seen. Yes, even Matt Cutts has supplemental results.
As a reminder, supplemental results arenâ€™t something to be afraid of; Iâ€™ve got pages from my site in the supplemental results, for example. A complete software rewrite of the infrastructure for supplemental results launched in Summer oâ€™ 2005, and the supplemental results continue to get fresher. Having urls in the supplemental results doesnâ€™t mean that you have some sort of penalty at all; the main determinant of whether a url is in our main web index or in the supplemental index is PageRank. If you used to have pages in our main web index and now theyâ€™re in the supplemental results, a good hypothesis is that we might not be counting links to your pages with the same weight as we have in the past. The approach Iâ€™d recommend in that case is to use solid white-hat SEO to get high-quality links (e.g. editorially given by other sites on the basis of merit).
Is quoting Matt a good idea? Well I think it is, Danny Sullivan tells me Matt Cutts is notable ;)
The pagerank update to the Google Toolbar is useful in some ways, such as enhancing your sites appeal for monetization, and just a feel good factor or ego boost.
I am hoping this site, just a few months old with a couple of totally legitimate redirects from old domains hits PR5 on its first update. That is more an ego thing than anything else.