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PR is directly related to SERPS, if anyone who tell you otherwise - they are simply lying.
It is not the only criteria though. PR is a measure of the popularity/importance of your site. To get a good SERP, your site must be important(high PR) and should have relevant content. So on site optimizations (like content/title) also matters.
There are other parameters that affect the serps - like anchor text in backlinks, the age of your sites, nature and importnace of the sites lining to you and so on.
PR is one important factor, but it is not everything. Hope this helps.
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