Links and Page Rank

I'm not an alturist!

[surfgatinho]

If I understand correctly PR is proportionate to the number of sites linking to you and also their respective importance.
Also I am under the impression that if you link to another site then a percentage of your PR will leak to the other site.
My question is will I benefit more from reciprocal links if the other site is more highly ranked than mine or visa versa if not.
Another question is whether PR is just for a page and not as site. For example if I get a link on the most obscure page of a major site is this worth more because of the relative importance of the rest of the site.

I am trying not to become obsessed with PR, but it's hard!

Thanks
Chris

[doc_z]

will I benefit more from reciprocal links if the other site is more highly ranked than mine

yes

(By the way, in most of the cases the main benefit is the additional anchor text and not an increase of PR.)

For example if I get a link on the most obscure page of a major site is this worth more because of the relative importance of the rest of the site.

no

(PR is page based. It doesn't matter if the page is part of a major site or not. Just the PR and the number of links on the page linking to you is important.)

[surfgatinho]

Doc Z thanks for the response.
Could you just explain what you mean by about the anchor text.

[rogerd]

Anchor text = the words that make up the link text on the site that links to you.