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Comments
I think what you're paying for is not only the link, but the opinion of the person writing the review. You would hope they would give an honest opinion of your product or service, and you would hope they would have a good opinion of it! This person's readers most likely find this person's opinion significant, and may take his advice if he says "buy this product."
I knew about the PageRank situation, but not about Google ignoring the link. I think that the blog buyer is looking for a little link juice because the mention that the review is paid already cuts down on the number of clickthroughs.
Personally, I think that bloggers shouldn't say the review is paid and just refuse to review products that they don't think are worth reviewing.