
LordKailas |

I don't think you're intended to gain 2 familiars. The arcane exploit seems to be written in an attempt to prevent this from happening.
If the arcanist receives a familiar from another class, her levels of arcanist stack with the levels from that class when determining the familiar’s statistics and abilities (this ability does not stack with a familiar gained through the bloodline development exploit; she must choose one or the other).
The bloodline development exploit mentioned could be used to gain a familiar and this exploit specfies that if you've done that you only benefit from one such familar ability.
Also, in multiple places you see wording as follows
Levels of different classes that are entitled to familiars stack for the purpose of determining any familiar abilities that depend on the master’s level.
Now, technically the same class is giving you the familiar ability twice. So, while this might be a loop hole in the RAW it certainly goes against the RAI. Exotic Heritage and the Slyvan bloodline are a similar example of this (The author of the feat even admits they had not intended for it to work this way).
RAI would state that the two abilities simply overlap and you would have to pick one or the other to determine your single familiar's powers.

David knott 242 |

Now, technically the same class is giving you the familiar ability twice. So, while this might be a loop hole in the RAW it certainly goes against the RAI. Exotic Heritage and the Slyvan bloodline are a similar example of this (The author of the feat even admits they had not intended for it to work this way).
Eldritch Heritage unlocked for a wild bloodline by Exotic Heritage still does not grant you a bloodline arcana, so the situation with the Sylvan bloodline should never come up.
However, a situation like that does come up with the Arcane and Serpentine bloodlines via Exotic Heritage.

LordKailas |

Eldritch Heritage unlocked for a wild bloodline by Exotic Heritage still does not grant you a bloodline arcana, so the situation with the Sylvan bloodline should never come up.
However, a situation like that does come up with the Arcane and Serpentine bloodlines via Exotic Heritage.
*sigh*
I should stop giving specific examples because it derails the conversation.
Eldritch heritage states that you gain the 1st level power of a specific bloodline. Exotic heritage lets you pick a mutated bloodline for eldritch heritage. The slyvan bloodline's 1st level power gives you an animal companion. As written this is completely valid. However, this was never intended because the 1st level power of the sylvan bloodline overwrites that particular bloodline's arcana. This was my point.
Is this use of the feat something that was intended?No.
Should a DM allow a player to do this? No.
Is this an abuse of the feat? Yes.
In the example you gave since eldrith heritage is just acting like it's own "class" it's clear that the two abilities in that case would simply stack. So you would get to have a familiar whose abilities are determined by:
Your Level + (Your Level -2)