I've been building under the belief that an exit link does count as one of your three outgoing links per page; while I'd rather not have an exit link, a lot of LLs don't specify whether they require one or not, so to be safe side I have been using one, and just linking to one of my non-adult mainstream blogs or sites so far.
Haven't researched enough yet about non-adult pay per click sponsors for exit links, but glad I learned here to not consider warningpages.com.
-CatsEye