The latest is that an MRI should be had before any biopsies are taken. And when a biopsy is taken, they should be directed by MRI at the suspicious part. Unfortunately, it is not done in Ontario, as OHIP has to re-invent the wheel in order to accept and fund the necessary equipment. It's now the standard in Australia.
Unfortunatly for most doctors, prostate science is like voodoo. Little is understood, even by some urologists, and the traditional tests are notoriously unreliable, to either confirm a cancerous tumour or to dispell that one exists.
The 12 needle biopsy, where the doctor pokes your prostate through the rectal wall with a biopsy needle 12 times in a cross-section has a false negative rate of 49% (when cancer exists, it is missed 49% of the time) and a false positive rate (of life threatening prostate cancer) of about 35%. This test often causes your urine to contain blood for as much as 2 months, and gives you prostatitis (no wonder) for that long. It also probably injects e-coli (that reside in the rectum) into the heart of the prostate, that are naturally found in the digestive tract. So if you didn't have an infection before, you're gonna have one now. There's also a 72 needle grid biopsy.....
The doctor feeling your prostate only covers the posterior part, and they could miss a tumour in the anterior part.
The PSA test is an indication of inflamation of the prostate. Prostatitis is an inflamation, and is not necessarily caused by cancer. So a high PSA does not necessarily indicate cancer. However, the rate of PSA increase is a clue. The prostate starts expanding for a significant portion of middle aged men, leading to the discomfort of prostatitis; this increases the PSA levels, but that's not necessarily cancer.
Apparently, 70% of men who died at 80 had cancer cells in their prostate. But it wasn't the cancer that killed them. So even if they do find cancer in the prostate, chances are that it's slow growing and something else will kill you way before the cancer will.