Google is not a big fan of the reciprocal backlinks. 3 way link exchange is preferred. You should focus on getting related one way backlinks, they will give you best results. Reciprocal PR0 link? You won't see much benefit (if any benefit at all).
I don't think it will help with pr. Basically you'll be giving your visitors an opportunity to click on the link and leave your site.
Linking with PR 0 sites will not help you get PR, if that is your goal. It may help you if your site is new and you just want to get listed in the search engines quickly though. If your goal is to get PR, only concentrate with other pages/sites that have decent PR. Decent, meaning 3 or more.
it might only help if the other webmaster is really dedicating his time and daily you see some or the other changes either in the website or increase in links........in one way ther is no sense exchanging links with a PR0 site but if above is the case then this will help you in future...........
If you getting a link from high PR site and giving you all sidewide link and you giving him a link from your main page only where your PR is lower than him, it is beneficial for you. Getting a backlink from higher PR site is always beneficial plus if it is sidewidelink, it is much more better. Just make sure it is dofollow. Nofollow links have no value towards your PR.