I love the Exalted setting.
I buy the books -because- of the setting. I appreciate it as a work of art.
As a setting to game in... it's not so good. The setting is designed to make your PCs irrelevant(despite their earthshaking power).
There is an idea amongst players of Exalted that the PCs are in some way special. That because they are PCs they are different or better then OTHER super-powered demi-gods. They'd have to be, otherwise they'd just get flattened.
The power curve in Exalted is not straight, it's not even really mappable. Power level jumps in fits and starts, and those jumps are steep. A 'high level' character isn't merely able to slay the several dozen to several hundred low-level characters like they can in D&D. In Exalted, high powered characters can effortlessly murder entire nations. Considering the gigantic number of high-level npcs, the world breaks into bits.
This is bad setting design.
If they wanted to make the "modern" era of Exalted actually playable they needed to pull all the pillars of power down. The playing field has to be... modulated, if not flattened, to make the PCs relevant.
Why do I care? Because a lot of the ideas in Exalted are exceptionally awesome and filled with delicious win. I want to play in that world where what I do actually matters because I am important, not because some Essence 9 character, who can flatten me with a whisper, wielded me as a weapon.
Am I exaggerating? Not even slightly. You could grab every singe existing Solar exalt, stick them in a room in front of The First Forsaken Lion or any of the other "Super" npcs, and he could obliterate ALL THREE HUNDRED OF THEM in a single round. He could do this with printed charms, he doesn't even have to go into theoretical rules territory. In a game about playing the ultimate bad-ass, this is unnacceptable.
"Ah," says the Exalted Apologist, "But that's why you have to gain experience in order to beat him! You can't expect to fight the ultimate bad-guy and win right off the bat!"
Doesn't matter. No matter how much experience I get, my character MUST be over one hundred years old to exceed Essence 5 (half the maximum Essence, the Lion has Essence 10) and the game is not correctly designed to allow me to do that. While there are rules for extended downtime, the focus of all of the vast majority of game rules, and the assumptions built into the setting, is that everything important will happen very quickly, within a decade at most. Spending a century dicking around to even have a chance to spend the experience necessary to offer a challenge to one of thirteen (THIRTEEN!) ultimate bad asses in one GROUP (there are many groups) of ultimate bad asses is ridiculous.
There is one (precisely one) moment in their history as written where an Exalted game could be played straight without hand-waving away the super-fate-death-ninja-god-ghosts-of-chaos, and that's the one point in history when they're all dead, even the fateninjas. Even then the Deathlords are still around, though they would have been less powerful then their modern incarnations.
The period JUST after, or during the Great Contagion is the most interesting point in the Exalted time-line. This is the only point in history where low-essence PCs can actually make a significant difference (observe: The Scarlet Empress) because all the high-essence PCs died of the super-plague.
Oh, and asides from the setting problems, the system is broken and doesn't work. The few areas that it does work, it takes to long to do anything. Also, should you min-max your character, you will be so gigantically better at your area of expertise then the other players who have min-maxed their character for other areas of specialization, that anything who could possibly survive challenging you will immediately obliterate the other PCs.
To make matters more annoying, the statistical flaws of WWs system is exaggerated to an huge degree in Exalted due to the large numbers of dice you are tossing around.
I love the ideas that exist in Exalted and I enjoy reading the books, but it does not work as a game. In order to make it work as a game, it needs to be rebuilt from basic concepts, both the system and the setting.
TLDR: I like Exalted but I don't think it is a good game.