SuperG
PRML sounds a lot like removing DC bias. I've had to deal with receiver sections that tended to bounce around a bit after a transmission. Since a most detection routines focus on the zero crossover point, you don't really care what the amplitude is - but any bias in the signal and all bets are off.
Way more black magic than that. Removing DC bias for digital signals is generally simple and has been done on all computer stuff since forever, usually with 8b/10b encoding. You take each 8 bits of data and encode it in to a 10-bit word. There are multiple 10-bit words for each 8-bit payload, with different 1/0 configurations and so by varying what you choose you can maintain 0 DC on the line. Ethernet, PCIe, etc all used this. Newer versions tend to use more complex encoding schemes like 64b/66b (10 gig net) and 128b/130b (PCIe 3 and USB 3.1) which use a complex polynomial scrambler to generate the data. Same idea, less overhead (though also a bit less rigid controls on DC offset).
So, PRML, this is largely a technology seen on magnetic disks and tape, though other things use it. What you do is rather than trying to write out binary data in a simple fashion where a value (voltage level, magnetic flux, whatever you are using) over a certain level is a 1 and under another level is a 0, you instead produce a fairly complex analogue waveform by just doing your best to modify what's there. When this gets read back in it looks at the wave it has and figures out based on the transition what is the maximally likely data sequence that corresponds to that wave. Sound like the kind of thing that would work for crap and you'd use to recover a bit of degraded data but actually is extremely reliable.
The net effect of PRML (or rather EPRML these days) is that you can have a much weaker signal level, and much more noise, and still get data out of it reliably. In terms of harddrives, it allows for more dense data storage.