This person requested a link exchange and I notice that the page here has good PR: http://careersinhouston.com/resources/jobseeker_resources.html BUT, none of the subpages where the links are have any PR or are even indexed by Google. Why would that be? Might this mean they have been penalized?
There coould be a number of reasons for this. One reason is that the person purchased an existing domain (which already had PR) and added pages to it. But if the domain was penalized, none of the web pages would be showing any PR at all. Now to answer your question about a PR0 being worthless...remember that you too were once a PR0. PR is extremely over-rated and people worry so much about it. If your goal is to sell links then I can see the point, but if you are interested in more, than PR should only be one in a number of deciding factors, rather than THE deciding factor.
Fake page rank on that page mate.... Your search - www.careersinhouston.com/resources/jobseeker_resources.html - did not match any documents. Its not even indexed in google.... It simply means he faked the pR of the page
The site has 464 pages indexed in Google... some of the subpages are probably newer... is there another way to evidence faked PR?
Link exchange is a orrible way to gain links, but it is a great way to gain traffic. So, when looking for link exchanges, look for sites with good traffic. PR is unimportant if the site is sending you traffic. If they hide your link 5 pages into their site, how much traffic will you really get?
Sorry but, link exchange is still a reliable way to get PR as well... recently i got a link exchange with a nice site with very few outbound links, who happily exchanged links with my site, which isnt that strong PR wise. I can guarantee you ill get a lot of PR value from this link exchange.