If we are talking about the toolbap PageRank value, the only difference is the PR update. If the toolbar says NA or unranked it means that no Public PR has been exported so far.
A page rank of 0 means the page has been evaluated by Google and given a page rank of 0 unranked means the site hasn't been ranked yet, this could be because the page or domain is new.
I think, unranked means u don't have any PR yet. With 0, i think i agree with the walking bird, that it is when the site has PR but not enough to consider it as PR 1. Having a 0 PR is I think, a good news for new sites because it means a lot of the link building has been paying off already.
PR0 means that Google have acknowledge you web presence, while unranked, well probably that your site is still new and needs more optimization to make its presence over the internet...
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