I think that it might be a bit unfair to let exotic WEAPONS into PVP. I mean think about it. Using the base assault rifle going up against an exotic. It's a bit unfair. However, I think that maybe they Should be included, but nerfed. That way it's fairer. A cool looking weapon, but with the same power as a classic rifle. Like halo. All weapons are standardized damage and stuff.
[spoiler]let the hate rain[/spoiler]
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It's already been confirmed that you are limited to 1 exotic weapon and 1 exotic piece of gear at a time. Seems like Bungie's got a handle on it.