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I thought it was maybe a % of page text algorithm, but I have a sitemap thats a PR0 (with all internal links), while having another internal page with as many internal links with a PR4.
It could just be that google PR is still broken?
As I also wouldn't like some kid doing a search for "nice forms to play around with" on sites, I also put this tag on any pages that contain forms that send email, and on all of the target pages that show after the form has processed. So, only "real content" pages are exposed for indexing.
All the sites that I have done this on rank well, and I noticed that the pages still show toolbar PR even with noindex on them.