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Fathom,
I’ve heard of Google guessing at a pages PR value based on the PR of the site. However, I haven’t heard of Google artificially inflating the PR of a new site’s pages. At least they have never given me that privilege anyway.
Now that you mention it, I have noticed something strange going on with a site that I am working on. It seems that Google has dropped all pages, except the home page, of the site from Google’s index. August 23, was the last date that received a Google referral to any page except the home page. The queries referred to the home page are still coming in and the rankings for these queries are roughly what they were before the update.
I’m hoping that it is some small glitch that will be fixed by next update but I mention it because it may have something to do with the PR issue you are discussing. All these “removed” pages on the site I am talking about still carry the same toolbar PR as before but there is no record of these pages in the cache or backwards links. Maybe other websites have pages like these that for some reason contribute to the PR of pages but yet there is no sign of them when you search for backwards links. It is just an idea.
Hopefully, by next update, my “missing” pages will be found and your PR issues will be resolved.
Oh, maybe check the backwards links on Alltheweb and Altavista. They usually have a more complete list than Google.