How is the preference # interpreted ? Which PRI would be selected, a preference of 1, or a preference of 2 ?
Preference values with lower numbers are more preferred. So a preference of 1 is more preferred than a preference of 64 (lowest). If you do not specify a preference, the trunk is assigned a preference value of 65. Which basically means that this particular interface is used only after other interfaces are saturated. Now, if trunks have an equal preference then the trunk that was configured first will be used first. Which could lead to interesting behaviors on a reboot.
As an example of using preference:
trunk-group mypritrunkgroup 1
trunk-group mypritrunkgroup 2
All other things being equal, if you have a pots dial-peer pointing to mypritrunkgroup then calls will be sent to 0/1/0:23 first and then roll over to 0/0/0:23.
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Preference works from lower number up.