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I wouldn't reduce the number of pages because this would (probably) also change the number of incoming links for a page as well as the link text. Also, more pages (assuming that there is enough different content) normally leads to more search engine traffic, because you can optimize the pages for different phrases.
The only problem I see is that you might have some problems to get your whole site indexed if your main page is only a PR5.
I would agree, as mentioned above, that the additional PR from incoming links will be spread out throughout fewer pages - but this is surely gonna be offset by the reduction of "internally generated" PR?
As said by doc_z, if you then include the changes to internal link structure & link text reduction etc, you might well find it best not to cut your pages......
If you do, however - be sure to let us know how it goes...!
I've got a site with 250 pages where the home page is PR5, and that's simply because every page on the site has a "go to home" link that pushes some of the PR back to the top. (Yes, I know it slides back down again, but linking every page to the home page can elevate its PR more than only sections of the site).
Indeed, shaping the linking structure more carefully enables one to make certain low level pages (ones that your really don't care whether they come up in a search or not) give up most of their PR to other pages. Other deep pages can be given extra links from above to elevate their position in the SERPS.
On the grounds that you won't get the first 100,000 entries in the SERPS if you have a 100,000 page site, I'd work more on distributing the PR you have, to the pages you want. After all, you can give your home page 100,000 different backlinks...