Edwin is right, do not worry about PR, the links are a different story. Continue to build good links that will stick. Another thing is that google now boast over 400 data centers across the U.S. and it takes time for the datacenters to share the info.
Did you change anything on the titles of the sites? Are you using social bookmarking or forum post as you main form of linkbuilding?
Let's say you have some links on ABC forum and the forums PR was a PR5, the update brings them to PR4. now, your links have less value and can decrease your PR overall.
Are you doing link exchanges? This is a no-no! This can cause loss of PR. Social bookmarking sites are going to nofollow in masses, this can cause loss of links and pr.
Sooner or later people will learn to stick to the basics and stay away from the "popular" and use the popular in moderation and stick with the tried and true.
If you want a good business, quit following fads and KISS (keep it simple...)
Alexa uses a sample of traffic it gathers from surfers with the alexa tool bar. how many of the people in this forum use the alexa toolbar???
Your alexa ranking can be effected by your demographics and can be easily manipulated. I have several websites that are top 60 alexa for their respective countries, but you notice i have never mentioned it. That is because it is not a factor to be considered.
Stick to the basics and you will not have to worry about anything.
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