>> Is there a lag between updates and toolbar?
Yes, I've notice a minimum delay of about 1 week but it can take months. The actual
PR of the site is continually changing.
Currently
PR and the automatic site wide penalties "seem" to be kept separate. I assume this will change in the near future.
At the moment it is possible to have a high
PR site (as indicated by the G toolbar) and receive no referrals from G. :-(