I've never been a fan of the whole PR-as-primary-SEO method. PR was intended to "get the word out" to as many sources as possible. It's paid off for us in a few instances because a local TV station has picked it up a couple of times and given us a TV story (with an accompanying website article, although not often with links). As far as SEO... it's a lot of work for little reward. Since your PR is likely identical to many sources, it would indeed be pared back in the SERPs where only one would count and the rest would be considered duplicate.
In short, I wouldn't run a mass PR solely for SEO reasons (especially not as a reliable source of links). PRs can get quality backlinks, but only as a bankshot. Instead, I would put the PRs on your sites and see if people will link to it. If it's well written and interesting, you could get some good one-way links. I am willing to bet your competitors are not doing PR for SEO.