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In some areas it seems spam's taken over, but in most of the adult research I've done alot LESS spam is getting good serps. The PR drop is probably because a good amount of the PR involved in adult trades was artificially inflated. When those sites drop totally, the PR of all the pages they link to drop some PR. The sites that remain probably keep their reciprocal links so there's some more PR leakage. By the time it gets to your sites it's dropped a signifigant enough amount of weight to make you go down a notch.
As far as SE spam goes it's all temporary to a degree. I do it and I always get alot of good serps. I know it won't last but by the time it's gone it'll have made way more than my initial investment.
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