An exalted character seeks good above all else. By a rules definition, an exalted character is any character that implements a feat, PrC, etc out of the Book of Exalted Deeds. If you have even one Exalted feat, you are an exalted character. In most games losing your exalted status through doing non-good acts makes you lose the exalted feats/PrCs until you atone - just like a paladin. This last bit isn't true for all games, though.
As far as the VoP, I consider it a bit weak. The ability bonuses you receive through the template are not on par with what a person of an equivalent level could receive through magic items. The extra feats are alright, but typically there aren't enough exalted feats to satisfy characters who take it from the beginning so after a few levels many players are taking feats that their character will likely hardly ever use.
The advantage, however, is that the bonuses gained by the class work in anti-magic fields and cannot be taken away unless the VoP is broken. So, I think it should be a bit underpowered to make up for the fact that it cannot be suppressed as easily.
All in all, I like the feature. It makes for a good character in the right group. If taken with the right class (druid or monk, for example) it can be fairly powerful. If taken with an odd class it can still work, but not as naturally.
As a DM, I would love to DM a game of all VoP players. It would all but eliminate the need to spend time coming up with treasure. Sure, I would still give treasure so that the party could spread the wealth to those who don't have it. But it is alot easier to generate a bunch of gemstones that items and stuff!
