A page can have pr and not show in the index and also be good for your pr ie link.. Google does not show all, you must always remember that.
in a week you may see it in the index 
If you judge each page your linking with in that requard you will keep altering links on and off.
Heres what I follow when i have a link swap.
http://www.domain.com/robots.txt – make sure they do no dissalow bots to the links!
link on the homepage to links page — insure its clean, no ref=nofollow or cgi
actual link on the links page, seems linkman links DO NOT INDEX! I have yet to figure that out but have noticed it!
if a page has actual real PR then that means googlebot is getting to the page so thats a good sign!