High PR is not an
absolute indicator of high traffic... I have a high PR and a low PR site and right now the low PR site blows away the high PR as far as referral traffic is concerned.. but yes in principle having more links especially from higher ranking PR sites can give you higher traffic..
If you are wondering why, its because of links on fewer pages which are not necessarily high PR, but have plenty of traffic from visitors who are info hungry and click happy... I have found that optimizing your site for info hungry and click happy visitors translates into higher Google Adsense click/throughs... which is opposite if you are monetizing your site with affiliate products.
Its simple really... I write a post about some hot new item... then find out what top sites are found on Google or other search engines for that hot item or topics related to that hot item and I try to leave a link on those sites... if its a blog great cos you can leave a comment... sometimes I can even reverse engineer.. and check out what other blogs are talking about and find out if there are no high PR sites competing for keyword phrases related to the hot item product, and then I write a blog about that, then leave links or comments on the top sites in search engine searches for keywords or phrases related to the hot item...
of course that means you have to leave a very good or compelling comment that will also capture readers' attention and make them want to click the link back to your site
what is even better, to really boost your traffic, you can submit the page of the blog where you had left a link to social bookmarking sites like stumbleupon, digg, etc... and you will greatly increase your referral traffic...
you wanna learn? i'd be happy to teach... PM me.