For the record ther are two systems running, Google side, and client side (toolbar & Backlinks) The google backlinks and PR is updated constantly, as soon as a page is found spidered and added to the index, the back end (Google side) data is updated. Google can see ALL the page rank, ALL the back links from their end (this has been confirmed by Google).
When we see a backlink update, it is simply Google updating their public side backlink reporting. This has nothing to do with them releasing their public side PR. There were either two or three backlink updates between PR updates last time (I can't remember as they are that damn unimportant, unless your trying to get links and need high PR).
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