futureX - 4:24 pm on Aug 3, 2010 (gmt 0)
Ha, Google has just made a liar out of me, I was about to post that every site I can remember of mine has had homepage at #1 in the results, but I've just checked a site and the homepage is not even on the first page.
It's even below many pages that have no external links and only one or two internal links, where the main page has a handful of externals and all ~700 interal pages link to it.
The main reason I use the "site:" command is to see what has been indexed in small/new sites, I also use it plenty for seeing which images are indexed on a domain, which seems to be accurate.
I assume that in general it will return all indexed pages that are not supplemental, the same site as above regularly drops 60% of the pages indexed from the "site:" command, it will pick them up at some other point again.