I had a question... If you submit a site to a directory that has PR, that has no affect on the PR of the site you are submitting, correct? I see all the time where someone announces a new PR directory and to submit your sites. But if the site that is submitted is not on the homepage, the PR doesn't matter.
I have also been seeing that many of the smaller directories I have been submitting to lately are not being indexed by google.
All backlinks are not 'valuable'. These days, there are so many free-for-all directories available that anybody can get a backlink from them. So Google essentially discounts their value(or will do in future). Also, the PR of the page on which your backlink appears is important. Homepages often have high PR but inner pages often have much less PR.