Whats the effect of URL as anchor text?
For example, if some one link to you just like this;

http://www.seo-guy.com

instead of

SEO Resources

Is PR fully follows the link?

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You should get the same PR. But it won't help for searching the key words.

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The second one is better for the reason eCommando mentionned.
The only benifit of the 1st one would be if the keyword is in the url.
This is why most decent domain names are taken, so natural links would at least contain the word in the URL.

Which suggests an interesting experiment that I do not myself have the time for but that might turn up something useful.

When a visitor types in or clicks on "www.mywonderfulsite.com", the hosting server will look in that site's root directory for a suitable front page to deliver; the usual order is something like "index.html", "index.htm", "index.shtml", and so on.

Now on Apache-based servers, the .htaccess for a site file can contain a setting that sets forth a different particular page to use as a "front page". And it is also, as a related point, apparently so that Google (and likely the others) look for "allinurl", not "allindomain".

So, one wonders if a site could be set up so that inquiries to, say--


--would be re-routed, with a 301 Permanent Redirect, to, say--


Perhaps someone with a dummy test site available might be interested in trying it and seeing what happens. If it works, it would be one way to be sure you're getting your keyword phrase in all links to your front page. (As has been many times pointed out, most domain names making a useful keyword phrase are long since taken.)

(I reckon you'd probably need to mod_rewrite calls to the former actual front page to go to the new one, to accomodate those anal-retentive types who give links to "www.mywonderfulsite.com/index.html" and the like.)

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owl...
sounds interesting...
...but on the verge of search engine manipulation.

.

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If anyone is going to try this, Windows IIS servers also support that by enabling the root document, and simply telling it what page to produce.

Great idea to test, but I have a few too many keyword domain names waiting for me now.