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A poster Phil_AM at webmasterworld.com had this to say on 28th of September.

“It would seem to me that Google is doing bi-monthly updates. Now the real question is are they updating PR or tweaking their algo?

Perhaps both, maybe their twekaing algo’s on the 22 - 24th of every month and changing PR’s on the 5 - 7th.

I’m willing to take bets that their is another wave of volatility around the 6th of OCT.”

Lot of people have hinted at Google resorting to quarterly PR updates. Only the time ahead will tell us what will be the PR update frequency. Now that it is confirmed Google isn’t going to abandon the toolbar PR atleast for now.