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If it is a link trade and you're looking for possible candidates I would look at what your PR is and think if his PR0 link is worth your PRn link, generally when link trading I like to trade with similar PR sites.
If it is just a link and not a trade then theres no harm whatsoever, also if the site grows and gains PR then you will get more bonus.
Theres definitley nothing negative about a PR0 site linking, as long as its not spammy linking and that they donr have PR0 because of some kind of penalty.
joined:Nov 11, 2000
Is it of any value in terms of SERPs to get a link from a page with PR0?
What futureX said, plus keep in mind that ToolBar PR is updated only every few months.
Also, there's lots else besides PR involved in evaluating a link...
Is the link liable to bring you any traffic? What's your sense of the quality of the linking page and the linking site? What's the quality of inbounds to the linking page? How many other outbound links are there on the linking page? What kind of sites does the page link to? Are the links straight html? If it's a directory, how well edited is it? Etc, etc, etc.
Look at those other criteria especially:
relevancy of link
relevancy of page Title, other links leaving page, description, text)
# of clicks from homepage to the page you are on
number of links leaving the page
Its likely the page could have pagerank already due to the outdatedness of tbpr.