The short answer: No.
In other words, using the lib filter, as Rikk said, you select what you want to see, and don't select what you don't want to see (with the exception of text filters, which allow a negation operator).
That said, smart collections DO support negation, so if lib-filter doesn't have enough oomph for what you are trying to do - use a smart collection.
Such was especially useful when smart collections could be used to filter other sources (by selecting simultanously), but Adobe screwed this up (in my opinion) in the interest of "unified handling" (I presume), so all sources act the same way when simultaneously selected: union instead of intersection. Anyway, via the SmartFilter plugin (free, I wrote it..), you can again use smart collections as lib filters.
Thanks guys! Your solution is both elegant and simple.