yes works correctly for my 2 sites. My new domains indexed fast and pr have updated at the first update. Regards
How about if i have a PR2 page that i need to 301 redirect to a PR4page. Will my new page get that PR2 and lose the PR4?
If a page has enough links to make it a PR4 and you are redirecting a PR2 page towards it then you will increase the PR4 to either PR5 or maybe just a stronger PR4.