“The amount of PageRank that dissipates through a 301 is currently identical to the amount of PageRank that dissipates through a link.” So the myth that you should not use 301 redirects because it will dissipate more PageRank than using a normal link is ( currently ) not valid.
However using 302 temporary redirects will not pass any page rank at all.
Lesson One – Information Architecture And SEO
It seemed like a good idea at the time but now you’ve been pecked by the Penguin? See this video from Matt Cutts about how to tell Google you really didn’t mean to artificially inflate your inbound link count.