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2. If my partner site choose to use my banner to link to me instead of my title (a bit too long so they don't like) do you think this can still benefit me (in PR). Or do I lost anything?
3. Do ALT text in the banner image helps in anyway?
Just tell me more on banner linking, your suggestion and your experience. Thank You.
Your questions 1&2 are the same.
For Pagerank purposes, a banner has the same impact as a text link in the same place.
#3 if it's a banner, yes, some targeted alt text is helpful. But, IMHO, not nearly as helpful as a good text link with well crafted anchor text.
It kind of sounds like you're lumping PR into a "what Google likes" catch all. PR is but one of many facotrs that G uses to arrive at SEPRs [searchengineworld.com] for a given keyword. Alt text and anchor text have *nothing* to do with the PR of a specific document/page but are certainly factors in the ultimate ranking that is given.
Good luck,
rmjvol