SevenCubed - 1:10 pm on Jun 14, 2011 (gmt 0)
Moreover, the same idea applies to specific keyword ranking. If you acquire too many links of some specific anchor text, comparing to the overall number of links with THIS anchor text + SYNONYMS that you already have, your site will temporarily go down in serps for the corresponding keyword query.
Without any doubt at all this is what I have experienced also. Your observation is 100% accurate. I have seen this happen consistantly for the last few months on my own site.