Google +1 is another attempt by Google to compete with Facebook. It sure is better than that 'friend connect' program.
Since it is by Google it has immediate benefit for anyone marketing on the internet.
But there is no direct connection with the number of +1's your site has and your sites PR.
If you are heavy into Google + and have lots of circles and interaction you will eventually see a positive impact on your website. And just like any other marketing and promotion, when you have real website activity (not phony auto-surf or likes or +1's) you will also eventually see a positive PR impact.
But PR is not everything. I have a site with no PR and it makes money for me. Likewise I have a site with PR and it makes 0.
Besides the marketing benefit of +1, I have also noticed that if someone has +1'd your website and they search Google for something related to your website, then your website ranking will be higher in the search results. I found this out by accident when I was searching for a topic when I was signed into Google and again when I was signed out. This also probably related to any search results you get when you are signed in and repeatedly browse the same topic.
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