Ok, I know - lots of you get this all the time, but this link is kind of special - its from a mates site and the site is 7 yrs old. I can have a pr4 link from his index to my index or my subpage or I can have a pr4 link from his subpage to my index or my subpage In either case I can choose my anchor text. What would you guys do? Cheers Spaceman
Check the pr of his subpages first, link the page that will be most beneficial to your page. If his subpages are ranking for what you want your index to link that, or vis versa. You have to do the research.
Assuming his index is higher PR than his sub-pages, take the link from there. Have him link to your index or a level 2 page, like a category page or something. Another alternative is to have him link to a "money" page, but don't waste a link on a sub page that is some crappy spun article.