wheel - 1:36 pm on Mar 31, 2010 (gmt 0)
I wouldn't completely discount PR.
First, in many cases - not all I understand, but many - it's a good indicator of how many links a site has. If the home page is a pr1 vs. a homepage that's a pr 7, the pr7 is almost certainly going to have a lot more links. And if those links are also high quality sites and relevent, then I think the pr7 is a darn good indicator that I want a link from that site.
Secondly, many SEO authorities discount PR - fair enough. But I know a number of very expert SEO folks who don't discount PR - they think it's still a pretty good part of the ranking algo - and if it's not directly, it's a reasonably representation in most cases of something else that IS a big part of the algo. So if you're going by the experts' opinion, I think the folks that know what they're talking about on this are divided.
What I do is look at the homepage PR to get an indication of the oomph of a site, then I don't sweat what page I'm getting a link from. Not overly scientific.