Sam, that's correct. The public view was previously viewable in the toolbar. That view of pagerank on a 1 to 10 scale was simplified.
Google still uses pagerank, and I wouldn't expect it to go anywhere soon. Pagerank is fundamental to many things they do beyond ranking web pages. For instance, Googlebot crawls the web using pagerank. The higher pagerank pages get crawled first and more frequently when compared to the lower pagerank pages. Googlebot crawling is just one example of how Google still uses pagerank. And pagerank is (still) one factor of over 200 google uses to rank webpages.