yep. You're right. Check this:
Google search for "web design forums" (webforumz.com is #1)
Google search for "web design forums -webforumz" (webforumz.com is not there)

HOWEVER, this is what prompted me to ask the question and it doesn't work:
Google search for "link:www.fyneworks.com" (550 results)
Google search for "link:www.fyneworks.com -webforumz" (no results - wrong)
Google search for "link:www.fyneworks.com webforumz" (no results - wrong)

It seems that Google does not allow other terms in link: searches... (it works with site: searches)