Both are, as you say, good universities. Both campuses are pretty nice (though Exeter has a whole lot of hills, while Warwick is ridiculously flat). Warwick is on the edge of Coventry, in Canley, which is a kinda crappy area, but is cheap to live in, and you have the option of going the other way to Leamington or Kenilworth (though the buses take forever in the morning: bring a bike if you plan on living in Kenilworth). Exeter is out on the edge of Exeter, which is a much smaller place. Exeter has a ludicrous number of train stations (seriously, there's like 14), and Warwick has decent transport links (there's stations in Leamington, Tile Hill and Canley, and dedicated buses to Coventry station). Both have decent collections of societies, with Warwick's being the stronger of the two in some areas, particularly sports, though sports fed membership (needed to join sports clubs) is expensive.
I can't really comment on the quality of learning in those courses at either university.