If I get an incoming link from a page with ranked PR7 to a specific page on my website, would that page be ranked 6?? or would the home page be ranked 6? or both??? Also, does Google recognise redirects? i.e: if the link from that page first goes to a particular dynamic URL and then redirects to my website, would I gain PR from this link or not?
They recognize 301 redirects very well. The PR depends on the weight of the PR from the IBL as well as (some believe) the content relation to the site receiving the link. You are likely to receive a PR5 or PR6. My Resource Index has one PR 7 inbound and when PR updates Ill let you know where it stands.
Have a look at Compars table. He says it's not completely accurate but I've found it to be pretty close. www.compar.com/PR.htm
If I could only find a good PR 9 home page link; I'd be all set! LOL Makes you wonder why trading links is even done. Most links page are like PR 2 or 3 at best. You have to get a million of them to get anywhere at all if your site is already PR 5 or so. Seems directory listings in categories approx to your current page rank is very much the way to go.