That's pretty much it.

In the first two exchanges I received all prints smaller than 11x14", some mounted, some not. Personally, I prefer unmounted prints, because they are easier to store, if one participates in frequent print exchanges.

While one may or may not get interesting feedback from the exchange, I mainly do it, because I know I'll push myself a little harder and print to a higher standard if I'm participating in an exchange with other photographers.