When considering the PR of a site to link to, are you gettin the PR of the main URL / home page of the site OR the PR of the page where your link is going to appear. I'm sure you've come across a site which might have a PR of 4, but the page where your link appears is PR 1!
It is the PR of your own page that matters, PR is channeled through links to your site. PR of the backlink is important in the sense that it effects the PR of your page, higher the PR of pages which have links to your page the more chance that your own page will have a high page rank.
You also have to remember that the PR of the page that is linking to you is divided by the total amount of links on that page. So it's possible to get more PR value from a page with a lower PR and fewer links than from a page with a higher PR and hundreds of links.
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