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e.g. on a PR6 domain, mydomain.com/page.html will show PR5, mydomain.com/directory/page.html will show PR4, etc. etc.
But is it true that, once a page has been spidered, it doesn't matter if it's in a subdirectory or not? In other words, will mydomain/directory/page.html turn into a PR5 when it's linked to directly from the PR6 main page?
Yes, and No. As Marcia says, PR is a function of Links, hence a page deep in a tree structure can have a higher PR than the home page if it has more and better links to it.
However, as menyak suggests, if Google has little or no information on a page with which to calculate PR, then it guesses until such time as it does have enough information, and these guesses are generally related to internal link structure and/or tree structure.
Onya
Woz