For example page has PR7 and 40 outbound links to other sites. Will each of 40 sites get PR 7/40 or quantity of links does not matter? Some people say it matters some say no. Where is the truth?
The way I understand it is that the fewer links on the page the more link juice is passed to each of the links. so a pr7 which links to 100 pages would be pretty much worthless, however if that page only had one link, the receiving page will get maximum link juice.
Just about right, except you should count internal links going to internal pages too. (total links leaving page) There is also a buffer amount removed also, which is believed to be about 15% So do you sums and remove 15% of the link value. It is also belived that what you see, i.e PR7 may not be an acurate figure and could be say 7.15 or 6.95. Also what you see is out of date. It is just a snapshot of sometime in the past, something you should be wary of when exchanging links etc. This could also effect your calculations
Basically the more links that are on the page the less valuable a link on that page becomes, so if there is a pr7 link it will get split between all the links on that page.
Quantity counts and each site takes some of the link power olso - for that website that has 40 outgoinglinks