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People tend to lose sight of the fact that PR is only a small part of where your site will rank. There are something like 140 factors that are figured into where your page will rank. Page optimization is far more important, IMO. If you have your keywords in your title and description and the right keyword density and placement on the page, you'll almost always outrank a site that doesn't. I've had pages with PR 0 outrank pages with PR 5 for extended periods.
I think only when all other factors are equal, then Page Rank kicks in.
Having a link from an authority site, with a PR of 6 or above, or one that is listed in DMOZ is worth more than a whole pile of links from lower ranking sites in terms of Page Rank scores.
Links with anchor text that support the keywords of the page they are linking to counts for more. If all the anchor text pointing to a page is the same phrase, however, that triggers a penalty and it counts for less. One way links count for more than two-way links. If there are about 15 or less links on a page, including internal navigation, those links pass a great deal of their PR. If a page has 100+ links, the amount of PR passed to any one link is almost unmeasurable. If the linking site mixes your link with links to other sites that aren't the same theme as yours, they don't help you. If you link to your own sites on pages you own that aren't related to the one you're linking to, that can drop your position in the search engines by 5-10 pages. If a link comes from the same C block of IP's, it doesn't help you much. There are just so many variables that affect page rank besides the number of incoming links.
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