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rugles, pr still has an effect. like google always says, they use many criteria. anchor text has a very strong influence today, but I think when all else is equal, pr breaks the tie.
still curious as to whether or not this sort of links passes pr along.
should pass just fine.
something like:
www.widgetlinkseller.com/ad/linkad.jsp?url=http://www.widgetlinkbuyer.com
might not if /ad/ is disallowed in the robots.txt file.
That said, some domains that abuse "selling" links may not pass PR, and some domains abusing "buying" links may not receive it.
Page rank is out, anchor text is where its at.