No it just requires intelligent use of a skill instead of spamming it on recharge. Gale is the perfect example. It's a powerful spell with a short recharge which would normally allow it to be spammed. Exhaustion forces the player to be intelligent in his use of the skill: he cannot spam it so he must use it tactfully or he will get hit with a significant punishment. It's an outstanding pvp mechanic.
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And on a general point, without having to rework a whole heap of individual ele spells, you could increase the pvp effectiveness of eles by making Intensity affect spells to give a) extra AP based on levels in ES b) convert damage to armour ignoring c) add + x damage based on levels in ES or some combination of all three. Only 1 spell to change rather than a complete rework
*Edit* Of course, I'd love to see a revamp on the other problem areas as AndrewSX mentions, but I'd rather see something done immediately to boost ele damage effectiveness whilst continuing to work on other problems. I'm greedy - I want jam today AND jam tomorrow