tedster - 7:06 pm on Feb 3, 2007 (gmt 0) PR calculations do not count slashes, just links.
Pageone, my understanding and experience both differ with that opinion. The number of "levels" in the url does not really affect PR, only the number of steps in the linking path - the click depth. The visual appearance of an extra level in the url looks like just a virtual thing in this case - an extra pseudo-directory included to make the rewrite engine's job simpler.
PR calculations do not count slashes, just links.