Google have given a further indication that the PageRank toolbar will never be updated again. This means that it is not worthwhile using it as a metric for determining how Google perceives a particular page or website.
However, this doesn’t mean that PageRank as an overarching concept is dead – the model of the probability of someone clicking around the web and landing on a particular page is still the foundation upon which the link-related ranking algorithms are built.
The scoring system has probably just evolved to become so much more complicated, with the outcome so vastly different to the tiny fraction that the Toolbar is able to show, that it wouldn’t be useful even if it did update.
For example, it’s probably no coincidence that the (intentional) updates slowed down and stopped not long after the launch of the disavow file. It’s doubtful as to whether Google would have made the effort to feed in the disavow data into the score shown by the toolbar.