Our site is 5. So im kinda hesitant to exchange links. On the brighter side, our content is related. So which should I be in favor of: the PR factor, or the content factor?
We all start somewhere. You'd actually be helping them out instead of the other way around. However if they are a new site and look like they will become popular and work hard on bringing more traffic in then it might not be a bad arrangement.
It might get PR8 in the next update. The best thing is to check how many links they have according to Yahoo.
If it looks to be a quality one, do an exchange. Look at the age, and the number of backlinks they currently have . You might want to look at their traffic too.
I always link if they have excellent, unique content and some decent traffic. Not that concerned about PR.
I wish people would stop putting so much weight into PR. Yes its good, but its not the only factor. Example: My websites are partnered with various automotive websites, some with good PR some with PR 0. But ALL of them have good quality content + traffic. So im receiving good traffic and giving back again. Ive notived from my logs, that people are picking up my link and posting it on their website (so more free links to me). A Win-Win situation.
is your site very very important site? If it is, better dont'. If it not, i.e. it is one of your site but not the most important one, then go for it.
complete the exchange if they seems to be good site with quality content and good design and not "spam" site