I don't think the individual seat projections in the exit poll was a very good idea, as it detracts from the impression of its overall accuracy. I note that in the BBC coverage they didn't show Jeremy Vine's 'wall' much as the night went on. I know of at least one viewer who thought that colouring it in meant the seat had actually changed hands, for example Cities of London and Westminster. Sky didn't use the seat predictions, not sure about ITV.
I believe they only polled in 144 constituencies, leaving over 500 with no sample at all.
The idea is not to produce any kind of national vote share, but to look at the situation in different types of marginal contest.
A key element is that they use the same polling stations as last time and calculate changes in these.
Inevitably they will miss factors that affect individual seats.
The only real overall weakness was Scotland. As John Curtice pointed out, they had few polling stations there and were far less confident about the situation 'north of the border'.
I also thought they were slow in updating the overall projection, for example the SNP was still projected to get 52 when it was obvious that the would get fewer.
Overall, though, the methodology still worked pretty well.