To exchange links with high
PR sites first you must have good
PR yourself. However, I would recommend looking at the value of the sites rather than just
PR. A new site that doesn't have
PR but is of good quality will eventually have good
PR. Now is a good time to get on the bandwagon. If you link to good quality sites you'll get traffic benefits now and
PR benefits in the future.
The reverse can happen as well, a poor site can have good
PR now (may be because of the previous site owner, etc) but when the next update is made the
PR is lost because the site wasn't managed properly.
Oh, and if you're looking for
PR then the link page should have
PR not just the home page.