The PR Rating is all a numbers game.
AMD is trying to attain a level amongst common people who only measure processors by "MHz", not their features and architecture. The common user barely knows anything about a CPU's architecture, nor researches it. When they buy something, they go by what they know... in this case, clock speed. Since AMD wants a share of that market, they have instituted this PR system to show that they can attain close to the same performance levels as the competing processor.
Basically with the PR Rating, AMD is trying to compare their apples to Intel's oranges. Now this trick does work for the most part, as I have been caught offguard thinking the by the 2100+'s were 2.1 Ghz and the 1700+'s were 1.7 Ghz, etc.
It isn't that hard to use the PR system when comparing 2 things over a short period of time. It is a terrible idea to use the same PR system, cross platform, over a longer period on more than 2 different processors (ie Athlon, P4, AND Hammer). THAT is when it gets confusing, because you forget what you are actually comparing. There should be some sort of a standard that can adapt to different architectures and different clockspeeds over time. I guess we should just use benchmarks of some sort from now on. I am against the PR System, as it is confusing in the long run. But it is not fair to AMD to lose sales because their chips because their clock speeds are lower when in some cases they can be just as fast. I am a fan of neither AMD nor Intel, all I want is a standardized benchmark system between ALL CPUs over a long period of time. That way we don't have to compare Ghz and Mhz when clock speed isn't everything.
It is awfully hard to change the common people's mind though from what they already know, so (unfortunately) AMD will probably stick with the PR rating for now...