PageRank has nothing to do with the "freshness" of you content. It has to do with the quantity and quality of inbound links. It is a measure of link popularity. Period.
If you are using "cheap", low quality link building techniques like forum sigs, blog commenting, article submissions, etc. AND slowed down your link building, your PR will fade. The very nature of these types of link building techniques causes their effectiveness to fade over time. So if you rely on low quality links, you have to ALWAYS continue to build them... unlike natural links whose effectiveness does NOT tend to fade over time.
For example, when you first submit an article, it likely appears on some Recent Articles page that has a decent PR and backlink profile and provides a decent boost. But once your article rolls off of the Recent Articles page and can only be found deep in the article site's archives, the archive page that links to it likely has very few if any backlinks, so the boost that the backlinks in your article provide to your site diminishes greatly. And if your article didn't get any direct backlinks while it was on the Recent Articles page then it stands a very good chance of eventually getting deindexed. So when you submit articles for back links, build links to your article as well to keep it indexed.
Blogging has the same paradigm as posts move off the home page, and eventually off the category page, and is only accessible deep in the archives... Same goes for forum posts...
There could be a number of reasons. But, from looking at your site, you have a number of pages labeled "resources" or "partners" which seem to be a list of links to other companies in your industry. Following these links takes me to other websites which have similar pages and also link to a number of other websites, including yours.
These are "reciprocal links" established primarily to trick the search engines into ranking you higher. Linking specifically to increase your rank in search engines is against the Google webmaster terms of service. I believe that part of the changes in this Page Rank update reflect the growing ability of Google to distinguish link exchanges from genuine "natural" links.
You probably lost the value of those links, which were a key part of why you were a 4 before. Starting today, you should focus on building links into your site more naturally.
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