America isn't exceptional in the world. Many nations now have similar, and in many cases better rights. Average income, income equality, freedom of the press, defense spending are all better in other places. Why is America cool? Well for one they've been quite stringent in their defense of free speech (although the whole Wikileaks controversy makes me doubt this seriously), the people are nice, it's a large country, has nice scenery, etc. I like it.
In the foreign policy sense I couldn't disagree more with American Exceptionalism.