Bill Slawski discusses this in relation to Google’s revised "reasonable surfer" patent:
A link that is central to the main content, is styled distinctively, and holds engaging anchor text may transfer substantial PageRank. Conversely, a link that's less visible, like one in the footer, matching the general text style, or with unengaging anchor text, might not convey as much PageRank.
This insight should guide your link acquisition efforts. If your link is one among many, such as in a sidebar or footer, it might be prudent to look elsewhere.
Tools like the "Backlink type" filter in Site Explorer can assist in identifying backlinks embedded within content.