Link Exchanges

[Norton]

When linking exchanging with another website, do you bother with checking their PR?

Afterall PR isn't anything special anymore, but its still nice to have a high PR.

[shakir]

PR is very importent feuters. I thnig Link exchange will not work well for increesing page rank. Google dont like 2 way linking

[ryanhellyer]

I usually add rel="nofollow" to my outbound links to ensure that I don't lose any PR from it. Although I always remove it on request from those who I'm linking to.

[Dezynincodr]

Ideally you should do some traffic research on the site, nothing major maybe an alexa or otherwise. If the traffic to that site is the type of traffic you would like for your site and in the volume you want then go for it with the rel='nofollow' as shakir mentioned. PR is always nice but it is becoming a risky business getting it unnaturally.

[BigAlReturns]

I would try to avoid link exchanges when they're done for SEO purposes to be honest. Google know that webmasters will swap links, usually for the express purpose of trying to increase their rankings, and so they will discount them from their ranking algorithms. One way links are much much more valuable.
In terms of whether to look at PR or not when getting a link, I wouldn't bother unless I was paying for the link. I look at 5 factors really for link buying, in this order of importance:
1) Relevance of linking pages content to my page
2) Ranking of linking page for keywords I aim to rank for
3) Anchor text
4) Placement of my link on the page
5) PR
Obviously the traffic the other page can send you may also be a consideration, if not an SEO one. Also, remember to check if the link is going to be nofollowed.