tedster - 2:25 am on Apr 13, 2011 (gmt 0)
Google does not pass pagerank across href="#" type links.
Did your tests uncover whether that kind of link changes the base PageRank for other links on the page? I do not yet have a definitive answer question on that so far, but the data I do have seems to say that href="#" links do increase the divisor, lowering the value of any other link on the page. In other words, it gets evaluated like a nofollow link.