If/when you're doing a link exchange, one of the factors that determines the strength of the link is the "power" of the webpage and website (right?). let's call it
PR 
...
how does the
PR of the page and the
PR of the website influence the power of that IBL ?
A few examples:
1.
PR of homepage = 5,
PR of link's page is N/A
2.
PR of homepage 4,
PR of link's page is 0
3.
PR of homepage = 2,
PR of links page is 2.
I hope you get the idea ... Which one is better?