The thing that makes that theory confusing, JBaldwin, is that it’s not simply “PR 2” or “PR 4”. That’s just what we see. So while you’re correct in that the PR of the page is split amongst ALL other links, one link from a PR5 page with 200 other links on it could be worth more than a link from a PR2 page with 0 links on it. The reason being that the PR system is scaled – so if it takes 500 links to get to PR2, it’ll take 4,000 to get to PR3, 17,000 for PR4, etc (these are just examples, as it’s alot more confusing than this).