It is possible that "outdated" links (pointing to 301, 302, and 404 pages) may eventually lose weight and may even negatively impact the page they are on (because why would a search engine consider a page authoritative that has outdated links and is no longer providing a full resource) but as far as I have seen this is only theory. I believe that this is unlikely because many sites use 301 redirects for tracking purposes and to allow the person creating the link to pass information to the server that is then turned into session variables before the user is redirected to a clean URL.

301 and 302 also serve two very different purposes. There is absolutely no pagerank transferred through a 302. Also, search engines continue to query the original location of a 302 longer than they do with a 301. That is because a 302 redirect indicates that at some point the page or resource will return to that location.

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