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You participate in a "dynamic" link campaign.
This means that your links rotate....when a guest comes to the site, sees one set of links, but the next visitor sees another set.
How does G read all of this, and is PR transferred?
As an example, the spider visits page and gets your link
www.widgets.com, next visit THAT link is not there but the link www.bluewidgets.com is there instead...
Does anyone have any real experience that shows that G is "double checking"..or ruling out dynamic links such as these?
Often, Google will list the source and not the target in the serps though if there is a PR difference. In your example, the url in the SERPs might be "mysite.com/dynamiclink.cgi" but the description, text, etc will be from the "widgets.com" if the link has higher PR than the destination page unless you use a 301.
If Google doesn't see it, it doesn't count.
So say you have 2 sets of links, set A and set B, and only one shows at a time. If set A is showing when Googlebot visits then those are the only ones that get counted. Now if links from set B appear on other pages as Googlebot continues to crawl your site, then it will count those as well but PR will only get transferred to them from the pages which show those links to Googlebot (even if they're in the rotation on every page).