You can limit coupons to a specific product, but there isn't a way at this time to exclude specific products from a coupon. I will definitely add this as a feature request, however, as I can see how it would be useful. I can also add the ability to limit coupons to multiple products as a feature request.
I'll get these added as feature requests on the Exchange Roadmap.
Thank you! It would indeed be very handy. Example:
I want to offer a a coupon for all the "Shoes" in my store but not have that coupon apply to all the "pants" in my store. or maybe even one pair of shoes that I can't discount. Thanks again.