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If you have only one link per page, you can get about 30 pages deep without dropping a notch on the Toolbar. If you have 250 links per page, you drop about 3 notches per link.
I don't see how the number of '/' characters in the URL come into it except for the Toolbar 'guess' for unindexed URLs and the habbit of Web sites having about one '/' character per link from the home page.
After reading the lengthy "importance of DMOZ to PR" thread....I think their is a subtle confusion...purely because of "high and low" PR's from toolbar guesses.
I've watched PR for a site now at PR7, that links to 3 other pages which in turn link deeper. One page that is two directories deep is a PR6....I "think" the home page is a "mid PR7" and the 3 pages it links to are "low PR7's"...anything below this will be a higher PR6 or mid PR6...where everything is 3 clicks away from the home page.
It's just a matter of how many unique "clickable" paths lead to each page I assume....i.e. new recip link...filters down to nothing after "circulating" the site.
IMO, basically, make sure ever page gets some sort of PR filtered through relevant to the topic of the site....if its online, and its supposed to be indexed...just make sure it can be found.