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Backlink 1 - visit www.EXAMPLE.com (whereby www.example.com is the live link)
Backlink 2 - click here to buy WIDGETS (with the entire phrase as the live link)
Backlink 3 - click here to buy WIDGETS (with WIDGETS being the live link)
Now, assuming I'm trying to hone in on the keyword WIDGETS, which one, if any, would be the best way to go about it?
If you wanted to target the phrase BUY WIDGETS, which is more specific than just WIDGETS, you'd want that exact phrase as the anchor text. Google does take into account the words in close proximity to the link, but not as strongly as the exact anchor text.
HTH.
(And PR is way overrated anyway....GoogleGuy: "the fact is that PageRank isn't the end-all-be-all of rankings" [webmasterworld.com])
As far as links. It never hurts to get links because 1) they might get better rankings and show up later as inbound links 2) they drive traffic to your site.
I would suggest focusing on those with a page rank of 4 or higher to begin. Or those with content relevent to yours. In my opinion URL, page titles and inbound link text are the biggest factors.
I'm in agreement with the pagerank statement above. Lately the toolbar has been off and pagerank is starting to confuse everyone. I would focus on the basics of SEO and give google some months to fix things. I have found odd things lately with my rankings and sites.