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I have a site on which most pages have a PR4. In my backlinks from Google, I see the sites that link back to me that have a PR4 (or more).
Does it mean that links from low PR site do not count?
I am always glad to exchange links with other sites that "look good" to me, even if they have a low PR.
Waste of time?
If they look good to you and they are good sites, they may be PR6 down the road, and so may you be - from linking to and being linked from quality sites with sincere motives.