Hi Darla,
In your case I think it was appropriate to remove the links. If the link is to a page that you feel will induce a negative reaction in your visitors, that should take precedence over the ranking benefits. What's good for your visitors should always trump what's good for the search engines unless you can come up with a good compromise.
Janeth,
I would think that a link on a PR8 page with just a small handful of links would be worth at least $350, provided that the site has the potential to send you some good targeted traffic. This would require a static link with great anchor text and description on a page that is related to your theme.
Before I would even consider paying money for a link, it would have to be able to send me a decent amount of targeted traffic. But I have learned that great links from high ranking pages can be had with some creative bartering.
The thing to remember is that you (or your clients) should be looking to buy targeted traffic, not PageRank. Of course, a nice rankings boost will make a great side effect.
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