301 redirect in 2013 - pros and cons

[Rokebono]

I've found a nice PR5 domain for sale and I would like to 301 redirect it to my few hours new domain. Keep in mind that I've never done this and I did my research on this subject but found lots of people with different opinions both here and on other sites.

Is this still a good idea nowadays?

If yes, what is best to do, php redirect or regular 301 redirect?

I've also found out about Simple 301 Redirects Plugin for WordPress, what do you guys recommend me to do, walk on the 301 redirect path or give up the idea and start raising slowly the authority of the new site that I'm planning to make? Its a long term project and I don't want to make any wrong move.

As a side note, domains are in different niches.

Constructive opinions based on real experiences and not just "I think that...", "Probably..." etc are very much appreciated
Thanks.

 

[nitinsy]

I bought 3 PR2 domains (random sites with backlinks) and had 3 previous PR2 domains (again random sites). I did 301 redirect (at HTTP level from server) to my money site.

Google Webmaster tools shows 30K links pointing to my site but I get near zero traffic to my site. I did a couple of fiverr gigs for social and backlinks (social, linkwheel).

My site is a wordpress auto blog with lots of content (400K posts)

I am going to stay from 301 for now. Maybe will do 1-2 tests with a smaller niche site with unique content later.

 

[Rokebono]

I bought 3 PR2 domains (random sites with backlinks) and had 3 previous PR2 domains (again random sites). I did 301 redirect (at HTTP level from server) to my money site.

Google Webmaster tools shows 30K links pointing to my site but I get near zero traffic to my site. I did a couple of fiverr gigs for social and backlinks (social, linkwheel).

My site is a wordpress auto blog with lots of content (400K posts)

I am going to stay from 301 for now. Maybe will do 1-2 tests with a smaller niche site with unique content later.

I'm not really interested in the traffic as they are different niches, the PR5 was a "motorcycle shop" and my new site will be about lets say "health".... I think that I'll stay away from 301 too regarding this project.
Thanks for your reply. Added you some rep.

 

[Rokebono]

I'll close the thread for now. Thanks for answers.