So, I've been thinking about Exalted some more.
The new 4E cosmology maps neatly on to Creation, for the most part. The Shadowfell is the Underworld (and the shadar-kai will make WONDERFUL Abyssals). The Elemental Chaos sits outside the borders of the physical world in some non-Euclidean manner, with the Abyss at the bottom. The 5 elemental poles can be portals to the EC, instead of being part of the EC themselves.
The Feywild is way better than Rakshastan, and the eladrin and assorted fey can stand in for the fair folk. The Far Realm is the Cthulhuoid side of Rakshastan. The Astral plane leads to the dominions of the gods, who have been mysteriously distant and not directly contactable since the end of the First Age.
Obviously the topology is somewhat different, but noone here except me cares about Exalted one way or another, so that's not a problem.
The dragonborn are dragon kings (as detailed in the Players Guide), the eladrin are fair folk, the elves and half-elves are fair folk who have gone native, and the tieflings are... hm. Dragonblooded?

I'm banning halflings and dwarves. None of my players will miss the former, and I should be able to fast-talk them regarding the latter. If they must have dwarves, well, Creation is big enough to slot in another demihuman race.
The only thing I'm missing is an Underdark, but I think I can do without. Drow are rather overdone IMO, and most of the other Underdark monsters are obscure enough that people won't notice they're gone.
On the matter of Solars... I'll assume from 1st-10th level, the PCs are regular mortals. Powerful, maybe, but not qualitatively different to the mass of humanity. Then, at 11th level, I'll find some way to exalt them into Solars (which won't have any mechanical impact, except for letting them break the level cap for mortals). If the game ever gets to 21st level, it's time to head off to the dominions of the gods, take out Chejop Kejak and his Sidereal Illuminati, and restore things to the way they were meant to be.
When druids and barbarians come out, they can be Lunars.
Obviously this is more of a thematic reinterpretation, as opposed to a straight conversion. I'm not going to bother with castes, limit breaks, or factional squabbling for the most part (although the Scarlet Empire's hate-on for exalts is fine).