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Check internal pages. They may have some high PR links to other than the home page.
It's an internal page that has the PR7. The index page is grey barred along with several other root level pages. Then there's a few links from the index page are PR6's and two pages that are two levels deep that are PR7's. I haven't quite figured it out yet, but I'll probably link swap with them anyway :)
(Does this site have a strange .tld you've never seen before?)
However, it's hard to study this openly with the webmasterworld policy on not allowing posting of keywords or sites.
Could someone please sticky me examples of sites where this is happening?
Google does have the technology to theme web sites. When a site has adsense ads on their page, Google decides what ads to place using themeing. Why can't they use an element of that as part of their 100 features in their algo.
(PS: as far as I know there isn't a band called Ferrari and this example is just hypothetical)