Am I missing something?
Looks like Exploiter wizard gives up arcane bond and arcane school but then gets both it's bonus feats and exploits.
On pondering a bit I guess it comes down to replacing school progression with exploits.
The question then becomes which is better and I think that will be situational.
Nope, your reading is correct.
Quick Study is a very powerful exploit to snatch up as a wizard and if you're anything like me and school specialization isn't your thing, this is a great archetype. Plus, familiar is available as an exploit as well if you need something to replace the original arcane bond.
If you're considering this archetype, be aware that you won't qualify for the Extra Arcanist Exploit feat, but you DO qualify for Extra Reservoir.