They're playing it a little safe actually, the proper chevron is sharp in the middle while Exhaust's looks a touch rounded.
Whilst i agree he probably should have been numbered differently, i'm surprised anyone cares enough to complain.
They've done a good job matching his deco to the Diaclone toy, but i'll be waiting to see how much i like the mold before deciding... cause to me the red/blue and head design is pretty ugly, and the white makes it not very different from regular Wheeljack. I would have preferred Slicer in Action Master colours, now that's good lookin'!
I am glad they've decided to do Diaclone variants though, if it sells well enough, it might help in getting other characters made (that would otherwise have minimal repaint potential)