Question: Does a site with a high pagerank get higher paying ads from Adsense compared to a site with pagerank 0?

No, AdSense is about supply and demand. The more competitive the keywords are, the more you will get. It’s about quality of the click, because if your clicks don't convert, smart pricing kicks in.

And when the smart pricing kicks in, You go over to DP, and started crying out , oh look at me, I got 35 clicks with 50 cents.

How smart pricing works

This is what google always mention:

We are constantly analysing data across our network against a variety of factors. If our data shows that a click is less likely to turn into business results (e.g. online sale, registration, phone call, newsletter sign-up), we may reduce the price you pay for that click. You may notice a reduction in the cost of clicks from content sites.

We take into account many factors such as what keywords or concepts triggered the ad, as well as the type of site on which the ad was served. For example, a click on an ad for digital cameras on a web page about photography tips may be worth less than a click on the same ad appearing next to a review of digital cameras.

Google saves you time and hassle by estimating the value of clicks and adjusting prices on an ongoing basis. With improved smart pricing, you should automatically get greater value for clicks from ad impressions across our network, all with no change in how you bid."

My Point of view:

Definitely yes you can certainly get more milk from the fat cow we know as google if you're Page ranked adequately.

Now what;s the Remedy for this malady?

1.  
 Content is the King

2.    make sure your post are relevant to your niche.
3.    know your visitor (this can be tracked through google analytics)
4.    watch out for non converting source of traffic. ( very important)

5.    focus on organic traffic. (yes of course use social bookmarking sites for link building , but do not expect higher CTR from this site).
6.    enable section targeting.
7.    placement of the ad, color of the ads ( for this you have to keep on experimenting, tracking each and every color  you make, just make a note of it on your ad placement and ad color, fonts)

This No 7 part, no one can help you, its you, you have to keep on experimenting, say for example, there are some site or blog that converts very well in adsense search,  and there are some that converts well in link unit and some for content ad, so after completing your research, you can decide which type of google adsense to use. Use which converts the best.

Well I can keep continuing this list, but let me tell you one thing, just focus on your niche and the source of traffic, thats it.

So once again, AdSense is about supply and demand ( I hope everyone must have learn this supply and demand in economics, either in high school or college). The more competitive the keywords are, the more you will get. It’s about quality of the click that you get. Don’t just go ga ga over high paying keywords.

Comments, suggestion and feebacks are open to anyone, just a note but than, do not spam, leave your relevant comments, critics, suggestion, feedback, and in fact I would appreciate, that you do share your experiences too.