The help says:
 -c  Do not link
and
 -no-link  Omit linking
I understand that -c prevents the linking part completely. But what's the difference if I specify -no-link? Does the linking phase actually do something apart from linking?
Update: Interestingly, -no-link is deprecated in GHC 6.12, but undeprecated in GHC 7.
AFAK -c doesn't handle dependencies. E.g.
Main.hs:
module Main
where
import Test
main :: IO ()
main = test
Test.hs:
module Test
where
test :: IO ()
test = print 123
Trying to compile with -c:
$ ghc -c Main.hs
Main.hs:5:1:
    Failed to load interface for `Test'
    Use -v to see a list of the files searched for.
With -no-link:
$ ghc -no-link Main.hs
[1 of 2] Compiling Test             ( Test.hs, Test.o )
[2 of 2] Compiling Main             ( Main.hs, Main.o )
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