I have a few site links on my homepage, actually, to many. Is it OK to set the ones that are not that important to nofollow? Will this increase the PR of the remaining links on my homepage?
mysite.com/bla.php <= important, it is do follow mysite.com/blah-blah.php <= not important, in is nofollow etc.
yes, its called link juice transfer, also, if ure an affiliate place all your affiliate links nofollow, otherwise you might loose SERP rank...
Also you can have on Home button nofollow. And another tip : In footer, on copyright, place a link with your site who linked on your home page with dofollow.