What determines which domain gets the PR with a 301 redirect?

When you have a higher PR domain 301 redirecting to a lower PR domain, at what point will Google transfer the PR to the domain it's directing too? Or maybe never?

I'm asking because here at WebmasterPost, the former name for this site, DevDreams.com, retains a PR4 while WebmasterPost has a PR of "0". At some point, will Google transfer the PR of DevDreams to WebmasterPost because it's a 301 redirect? Some of the reason that DevDreams.com retains the PR 4 is that in our metatags at WebmasterPost.com, DevDreams.com is still listed.

Thanks

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