My druid had Exalted Wildshape, and used Blink Dog form a few times. It's not as bad as you'd initially think. The DDoor is only 1/round, and becomes more of a useful utility ability than anything else. People always talk about the combat and scouting aspects of wildshape. Blink Dog gives you very poor stats and a single weak attack. The only real scouting boon it gives is scent, which many forms give anyway. The main form of balance is in opportunity cost. Yes, you could turn into a Blink Dog. But then you could not also simulataneously be a dire tiger or an eagle, etc...Switching frequently between the two will quickly drain both you wildshape uses and actions in combat. While you're a blink dog, bascially all you're good ofr is your spell casting, so you're basically like a wizard who's cast some mid-level buff spells on himself, except lower physical scores and a weaker spell selection.
It is a great wildshape form and definitely the best one exalted shape offers, but IME it became mostly a defensive form. And as far as I'm concerned, I don't mind the druid trading in a huge chunk of his killing power for better defense and escape abilities. YMMV.
