I think Larian made a good call with deleting this flaw ... exhaustion allways felt too punishing to me (maybe if first level of exhaustion would be tweaked a little aswell) ...
Also, as you said we can Long Rest any time we want, so this would only encourage people to Rest after every single combat ... wich is something some people around here allready are complaining about.

I dont quite understand the last part tho, what would "make people think and plan on when to take a long rest" ? O_o