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I suggested to the boss that we put the German pages on the .de site, and English on the .com and link the two. So from .com, click on the German flag and get the .de page to match the English page you are viewing and vice versa. I guess the transferred PR would be about the same as the current PR of the German pages on the .com site.
Is it OK to make the 2 sites one language each and link all the pages together? Each page would link to the equivalent page in the other language. We would then want to submit the .de page to German search engines and try to get some links to this domain from relevant sites.
Hope everyone is feeling good and not losing too much sleep waiting for the update. My best guess...27th March will be the next update...