I would rather a link from a relevant page with less links on that page. There are a few people here who have great link pages and I wouldnt even call them links because the way they are built or at least come across as is a guide. They are well written and not based on promoting something but letting the reader know here is another great site and why.
I would go with Prenut here. I would rather a PR2 page targeted to my anchor with few links on it than a PR4 page with 50+ links. If we are just talking about PR here than wouldnt those pages with crap load of links actually pass off less PR to the 50 links than say a low key page? Wouldnt they also have a little more weight to them because they are relevant.
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Hit my first goal ....now just need to push it a little bit further 
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