As of today, June 19th, it is now expected that the pagerank will be updated by July 15th. I'm certainly keeping my fingers crossed that this date will prove to be true. Now, it must be noted that pagerank in and of itself is not a determining factor for Serp positioning or for any traffic to your website at all. Many bloggers tend to get carried away with achieving a high pagerank only to be very disappointed when the expected flood of traffic does not arrive. In fact, I've seen PR2/3 websites outrank PR6/7 websites for competing keyword terms!
Hence, for great Serp positioning it is far more important to have great content and backlinks from authority sites in your niche. Social media backlinks are also proving to be worth your while, as it not only shows Google that your website has social signals but you can get a great deal of traffic from these sites as well.
So, in summation, it would be nice to have the pagerank update by mid July, but if this does not occur one should not be too disturbed. As a blogger in the post Panda and Penguin period, content is really and truly king.
