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It seems to have an affect, although this has to be very unlikely. The PR8 site never linked to our site. They were simply an exclusive sponsor, with a small banner saying so on every page of our site. We never lost a link. We gained about 200 incoming links over the last two months, and still our PR dropped. I can only guess it is because we removed the link to the respected site....
But then your observation is in line with what some people think might be a variable in the equation that might start to carry more weight.
To me outbound links, ontopic and to well respected sites, are definitely something to consider.
It is quite possible that the PR8 site linked to someone else that was linked to you. The PR8's site's drop to PR7 and your removal of links possibly made the PR level transferred to the third party >>less<< and therefore less to you.
Mere spectulation, but what goes around in small circles comes around on theme.
As for me, I'm interested in the hub effect. But this has to balanced with this thought: How many of your top serps belong to sites with outbound links? I wager not many. This may throw some water on that theory. Or maybe not. It's worth investigating...
Theme, hub or directory type ranks would probably be their own values, and not mixed in with PR.