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Well, I personaly believe an exalted daemon would be an unwise choice in a mortal army, especially considering the price you are paying for a single combat character in an already expensive list. His stats are only slightly better then an exalted champion of chaos, yet he costs 130 points more, quiet a considerable points sink, and the equipment available to mortal characters can easily outway and disadvantages, while both models have the same offensive profiles, only defence is differant. I'd much rather a aspiring banner bearer champion and exalted champion of chaos, over one exalted daemon.
How would I equip my exalted daemon if I was to take one, well that depends what God you choose, so i'll do a break down of them all.
Khorne: Well you are limited here, however armour of khorne and axe of khorne is a good combination, affording your already high strength character killing blow, and a 4+ armour save along with daemonic aura for extra survivability.
Tzeentch: Well, you don't have many options here, so it comes down to preferance, spell destroyer would be a good choice, but i'd prefer spell breaker, master of sorcery and power vortex first.
Nurgle: There is a nice selection here depending on how you want your model to fight, cloud of flies is a good pick no matter what, but you could use the plague flail and soul hunger to good effect as well.
Slaanesh: I believe in the combo of Soporific Musk to be one of the best equipments you can have, and i'd take it any day over the other choices.
Hope that gives you an insight into my thinkins of exalted daemons, not princes :p
make him slaanesh
level 3 wizard hope for 6th spell unit becomes unbreakble (this replaces deamonic instabillity)
than give him master of the mortals, blade of ether, diabolic splendour and soul hunger
than u have a level 3 wizard
which always strikes first @ ws 8 , str 5no armour save, and re-roll failed hits