301 Redirect Recommendations

I need a recommendation

[Easy_Coder]

I've recently ditched the .text blog application and I'm using my own solution.

.Text urls were re-written to something along these lines:
[domain.com...]

I can trap these requests (which are no longer valid) on a custom 404 page and this w/x/y/z/0.htm tells me how to get the person to the new page.

Should I set up dynamic 301 permanent redirects for this?

[inbound]

If the content has moved permanently to a new address on the site then a 301 is technically correct. Remember to do the redirect before anything is written to the browser (so no text on the 'error' page).

The problem with any redirect is that the search engines are not great at dealing with them, you just have to live with that.

[amol_v_naik]

I am confused.
Please answer this question:

Eg.-
1.) [mysite.com...]
2.) [mysite.com...]
The above mentioned web address's are for the same site.

One of my site has been indexed by Google and has PR-3, but with the second address. And when I type the first address in the browser, the PR shown is 0, and is not even indexed. The site is 18 months old, and was created for a PPC Campaign and is not search engine friendly. It has three backlinks pointing to the second address. And the PR-3 is due to these three backlinks.
Is it OK, or is it possible to redirect [mysite.com...] to [mysite.com,...] will it help? will it transfer the PR from second URL to first one.

[amol_v_naik]

Ok, got it.
It's impossible, we can't redirect the same page. But can someone please tell me the pros and cons for this issue.