PR is always very important. You always should try to exchange only with sites in your niche(category).
I think that relative contents is much more important than page rank. If the site has lots of relative contents, then maybe the PR will increase and you are that much ahead of the game.
I think both are equally important to me. Big-PR-site can bring along bigger PR for yours, good content will mean relative visitors.
erm..im really concern on number of visitor per day, my friend site is quite new but he got at least more than 1K visitors per day even the PR is just 2. So i decided to link exchange with him.
I would link to a related PR0 over a PR3 or even 5 that had nothing to do with my site topics. First, because I see a slow but unpredictable stream of traffic from these sites, which adds up, and also because as these links mature, they will build strength. Links are mostly for SERPS, so the Real PageRank-not the toolbar-is what I try to assess. At this point, the update is so late that gambling on a PR0 is a good bet.
Content is always my first concern, but of course if a page has a high PR it moves up a couple notches on my list. Image and design is a personal preference and if you're site ranks high but is ugly, chances are I'd pass it over.
The answer is content quality but more specifically does the link partners page contain relevant content and will your link be on an appropriate page to your niche.
Personally, I think if anything, some people place too much importance on PR and not enough on content and quality. I've had sites that have asked me to exchange links without first checking my PR (it's a new site) and then back out because they don't want to link to a site with lower PR than theirs. I find that attitude rather silly. A well designed site with unique content that compliments yours with lower PR may be a bit of a gamble but the pay off could be quite sweet in the end. It's funny how people tend to focus on the short term rather than long term.
Why is it that it is always the guy with NO Page Rank that says Page Rank is not important. Once you get page rank, if you do, then you realize its importance. Then again, Page Rank is not the end in itself. He is right; good quality contents and relative links will get you good page rank rather quickly. How's that for double talk???
I never said it was completely unimportant, nor did I imply it... so your snide remark was quite uncalled for. I simply stated that it shouldn't be the most important factor when making a decision. It's very short sighted to do so and may potentially cost a person a good alliance or two. That is simply my opinion, of course.