I really don't think this is nearly as big of a problem as people seem to think it is. How many of you actually see people running for 95% of a tick and then stopping for a few seconds on a never ending cycle? I've never even HEARD of someone being purposefully crippling strike attacked seconds before the tick to exhaust them on moving. Not even one time. The planning and coordination that would require (When you factor in your other last-second buffs like haste, true strike, ect) just to gain an edge in an already one-sided surprise attack that is 99% likely to result in instant death even without the target being exhausted is sort of over the top.
I don't think people are running stop watches while casting buffs in the minute leading up to pvp, or while running to the mist camp. And if (the group of small, extremely dedicated) people are doing that, are we going to entirely remove a system that has some IC value to it? They're the problem, and should be addressed like a problem. (PS, if you're one of these people and are reading this - you are the reason that people say "the players wouldn't be able to handle this" when a cool but possibly exploitable system is suggested and shot down..)
I feel like your character would be able to feel how tired he was and react differently according to this - anyone who regularly pushes themselves in workouts/running/ect knows this to be true. You never just do 50 push ups feeling 100% fine and then on 51 you can't even get off the ground because SUDDEN SURPRISE EXHAUSTION.
I've actually had this system active and used it in RP before, and I feel like it added to the scene. As my characters fight/run longer I like to RP them differently. Fighting becomes less technique based, breathing more ragged, ect. Just removing it entirely seems like we're not addressing the real problem here - people cheesing. When we see people side-stepping to avoid movement speed decrease, the DMs tell them they are exploiting and they get a warning. They didn't remove the ability for everyone to sidestep. So if you see people running and stopping on a regular stopwatch timer (which still seems like way more work than most people are willing to put in) then address that with the player. It's an exploit to circumvent the exhaustion system and should be fairly easy to observe. Our DMs are good at catching rule breakers.
Other players should notice you doing it too, if you guys are so concerned about people exploiting then I'm urging you, if you see behavior like this, REPORT IT. I can't stress that enough. People always want to complaint that "everyone is doing X" but nobody wants to report it or get specific with names/details.
At the end of the day, I really wouldn't care one way or another because I keep mine off 90% of the time unless I'm in dungeons or doing something I really don't want to get exhausted during. The spam of the yellow text annoys me during RP sessions where it stays at 0 the whole time. But I like having the option there and I feel like it adds to things when I do get a chance to use it, so I'd be against just removing it entirely with no replacement of any kind.