I'm actively running an experiment to see if / how long PR will be attributed to a new domain. My German Shepherd Training site is being re-directed from and old sub-domain. The original site was on a sub-domain and had a PR3. Every page (entire site structure) has been given a 301 to the new site's pages. It is been 2 months now, and the site broke out yesterday with a PR2. I am waiting to see if the PR3 does come up later this year. Have any of your seen PR reduced or attributed with 301s? Many in our industry say it will, so I'm waiting to see for myself.