I like this, so I'm gonna give it a yes.
Having played a ton of Mega Man romhacks myself, I can safely say that Exhaust is one of the better. It has some great music (especially aforementioned chiptune rendition of Moskau), different weapon behaviour, boss behavious and boss weaknesses (too many hacks skip over these three), and overall solid stage design - with the esception of Flash Man. See the first beam in the fourth beam room? Not getting hit my that requires a nearly pixel-perfect jump off the platform. If you just walk and drop down, the beam hits you. The beginning of Wily 1 with the not seeing the spikes off to the right and having to Item-2 over there is pretty bad too.
The Wily 4 boss deserves special mention, as it's one of the few times I've seen anything done with that boss beyond "destroy walls, destroy cannons" - but the other two I can think of merely axes the "destroy walls" part of it. Those two being
Megaman Ultra and
Deus Ex Machina.
Speaking of which, Deus Ex Machina is a hack that deserves a TAS, as it's probably the best Rockman 2 ROM hack out there. It's made by the same guy who made No Constancy, and is as complete an overhaul as that one. Extra special credit to it for being the only Rockman 2 hack I have ever played that makes the Items not items, but special abilities for Mega Man - temporary invincibility, small jumps that can be made in air for hovering and a high jump, respectively.