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I'm sure this has been asked before but I couldnt find the answer, sorry.
If you are using a frameset with just one frame in it, it is the same as having a page with just one outgoing link. In this case most of the PR is transferred to the main page, but not all. The reason is that there is a damping factor which will reduce PR slightly. In most cases you won't see this effect in the Toolbar (however, PR is reduced).