Hi all,
I agree that a PR firm that has measurable results (S.M.A.R.T) will be important in the near future.
However, the most important steps in the next few months are delivering features and value-added functionality to MSC so that word-of-mouth spreads within the Bitcoin community. I would first leverage the Project's success to market itself and then spend some money on PR.
When I voted for PR funding, I did so under emphasized intention that PR's focus will be to first spread awareness of the Mastercoin effort in the tech community with the primary goal of attracting more talented developers to this project and its contests, who might never ever hear about Mastercoin otherwise. Attracting more brains to come up with various scenarios and tackling these novel problems sooner might be one of the best investments Mastercoin can do for itself with the development coins it has been trusted with.
Here is a suggestion, can JR do an interview with Slashdot?
That is the best possible PR. Give an interview with Slashdot and discuss what Mastercoin means, what it can be developed into, and the contest. That will bring attention.
After Slashdot then go with MIT technology review, Wired and ArsTechnia. Try to do it in that order and over the course of just a few days. Then allow the Mastercoin community to take it viral.
JR is actually very good at marketing and PR.