I think that, in many ways, it took years for designers to really understand what feats can do. Right now, exotic weapons are either there for flavor or to give fighters +1 damage compared to martial weapons. A few are really good (hello spiked chain - oddly enough, I just finished painting a Reaper mini with a spiked chain)
Right now, you take an exotic weapon and then... that's it. OTOH, you could make exotic weapons a lot more interesting simply by supporting them more. Take double weapons as an example. You could add feats like this:
Double Weapon Leverage: You Str bonus to damage is 1.5 * Str bonus with both ends of your double weapons.
Double Weapon Defense: If you fight with only one end of your double weapon, you gain a +2 bonus to AC until your next turn.
Double Weapon Cleave: When you use your cleave attack, make an additional attack with a -5 penalty.
Double Weapon Flurry: Make an extra attack at your full base attack bonus when using a standard or full attack action.
Gnome Battle Tactics: When fighting with a gnome hooked hammer, you may make one free trip attempt once per round against a foe you hit with both the hammer and hook ends.
Gnome Leverage: When making a trip attack with a gnome hooked hammer, your foe loses any size bonus to his check to resist the trip.
These are all back of the envelope feats, so don't look for balance, but they illustrate what you could do to make weapons different. Right now, D&D doesn't really do much to differentiate weapons via feats. I think that's what hurts exotics. They're set up to be really weird and interesting, but just like every weapon there isn't much there to make them different aside from their base stats.
Now, making lots of feats for weapons sounds interesting, but it does pose some issues. For example, how do you separate stuff? You don't want the guy with the axe to look at the sword feats and see lots of stuff that he wishes he could do AND things that look like they'd be possible with an axe.
Right now, you take an exotic weapon and then... that's it. OTOH, you could make exotic weapons a lot more interesting simply by supporting them more. Take double weapons as an example. You could add feats like this:
Double Weapon Leverage: You Str bonus to damage is 1.5 * Str bonus with both ends of your double weapons.
Double Weapon Defense: If you fight with only one end of your double weapon, you gain a +2 bonus to AC until your next turn.
Double Weapon Cleave: When you use your cleave attack, make an additional attack with a -5 penalty.
Double Weapon Flurry: Make an extra attack at your full base attack bonus when using a standard or full attack action.
Gnome Battle Tactics: When fighting with a gnome hooked hammer, you may make one free trip attempt once per round against a foe you hit with both the hammer and hook ends.
Gnome Leverage: When making a trip attack with a gnome hooked hammer, your foe loses any size bonus to his check to resist the trip.
These are all back of the envelope feats, so don't look for balance, but they illustrate what you could do to make weapons different. Right now, D&D doesn't really do much to differentiate weapons via feats. I think that's what hurts exotics. They're set up to be really weird and interesting, but just like every weapon there isn't much there to make them different aside from their base stats.
Now, making lots of feats for weapons sounds interesting, but it does pose some issues. For example, how do you separate stuff? You don't want the guy with the axe to look at the sword feats and see lots of stuff that he wishes he could do AND things that look like they'd be possible with an axe.