Crothian said:
The world seems fnatasy like but really doesn't capture the feel as well as D&D, War Hammer, or even Palladium. All of this is of course my opinion, hopefully someone with more knowledge of it all can answer these better.
I think there's an important point to be made about "the feel." D&D draws much of its notes on what "the feel" is from Tolkien, Robert E. Howard, Jack Vance and the like, and by now has pretty much started defining its own feel. Warhammer's take on "the feel" is very European, in some cases very influenced by history, in others by Tolkien and Moorcock.
Exalted is derived from Norse sagas, Grecian heroic tragedy, wuxia, Dunsany's Pegana, and other sources that aren't tapped as frequently in the modern fantasy market. The assumptions about cultural morality are closer to what you see in the Iliad or Romance of the Three Kingdoms than 20th century ideals. The major culture has more to do with the bureaucratic dynasties of ancient China than the feudal system of Western Europe. Heroes tend to be tragically flawed like Heracles (the one who kills his wife and children in a rage, not Kevin Sorbo in leather pants).
Exalted is different. Not to everyone's taste, to be sure. But I think that it should be said that it's different because it's inspired by a very different set of source material, not because it's trying for the same thing as D&D (or, for that matter, the World of Darkness*) and not doing as well at it. It's kind of like comparing Barry Hughart's
Bridge of Birds to Leiber's Fafhrd and the Gray Mouser stories.
*Exalted is to the World of Darkness as Warhammer Fantasy Roleplaying is to Warhammer 40K — very similar elements are deliberately used, and if you dig through the fluff you can find connections to place them in the same universe, but generally the one doesn't interact with the other.