Exotics get more perks than less rare items so are of course stronger overall compared to an equivalent non-exotic but you are only allowed to equip one exotic weapon at a time, and you have 3 weapon slots.
Perfect chance for you to get into Destiny btw Anc, 60 bucks for the full game with all DLC + preorder of the september expansion. Then of course the cost of the PS4, but that's but a drop in the ocean for you, surely!
Bethesda have confirmed they are working on mod support for PS4 as well btw. But regardless, if you want to mod you'll want to get it for the PC. Console mod support will be very limited by the architecture.
Bioware are going to have to work REALLY hard to A) regain my trust after fucking up ME3 so badly and B) create a new cast of characters that I care about as much as the original's. ME1 is, IMHO, one of the best games ever made.