Can anyone explain "Dynamic Linking?"

Is this concept helpful, or just hype?

[limitup]

I've read over and over about the concept of dynamic linking, mainly as it relates to PR. The idea is that there is no need to waste PR on your "privacy policy", "contact us", etc. pages and by using invisible javascript links within your site to these types of pages, you won't waste PR by passing it unnecessarily for these pages. This will leave you more PR to funnel to your more important pages that you want to rank for.

On the surface the concept sounds logical, because no one cares about ranking for these types of pages. However, these "miscellaneous" pages generally don't have any backlinks either, so if your internal links to them are invisible they will end up being PR 0.

My first question is, is this concept something that can help funnel PR to your more important pages? Or is it just hype?

Secondly, wouldn't any extra PR you "saved" by not passing it to these pages be offset by the fact that the links from these pages to your important pages are now pretty much useless since these misc pages will soon become PR 0 (whereas if you link to them normally they would probably be PR 2,3,4 etc and thus they pass some to your important pages).