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We've been doing this for years (before we even knew about Pagerank etc.), and are not trying to sell PR to sponsors, the purpose is just for the actual traffic it delivers to them (which is very good).
After reading several posts here about potential problems with these types of sitewide links to advertisers (identical text link on hundreds of pages on a site, purchasing PR), I'm getting concerned.
Right now we use server side includes to put the sponsor links on all of our pages, so the links are indexed by google as part of the page content.
One of our sponsors recently dropped out, not because of the level of traffic they were receiving, but because of the worry about being penalized for buying links as an artificial means of inflating PR.
We converted their links to graphics btw.
When I changed the link to a redirect (e.g. redirect.asp) instead of linking directly to the advertiser's site, my page came back up the rankings very quickly.
The issue is not ideology - it is a whether Google might wrongly apply a penalty.
I'm sure that Google takes into account that there are a lot of legitimate sites that aren't trying to sell PR with their sitewide links, but I don't know if some competitor might try to bring us to the attention of Google as trying to sell PR (although we have no interest/intention of doing so).