I'm with you on the issue of exotics being under powered. Most just don't live up to the name. There are 3 or 4 truly worth carrying. The others are still looking for a reason to exist.
Exotics should be like Ferrari's. Hard to acquire and everybody notices when you've got one.
English
-
The primary exotics generally provide a synergy of perks which makes them amazing to operate or unique playstyles like universal remote or no land beyond. The specials generally offer either amazing perks for significant burst damage or infinite ammo. [u]The heavies are where I believe they're underpowered.[/u] Heavies serve one purpose and one purpose only: clutch mass damage. The game limits your ammo to prevent extended use. The only way you make exotic heavies worth that slot is to make them better at "clutch mass damage" than their legendary counterparts.