I ran an exit server for 2 years.
Tor isn't at all secure as the exit server sees all the traffic (unencrypted) unless you're using it as a the first part of a multi-hop tunnel.
Yes your ISP can't see what you're doing (misconfigured DNS lookups could indicate that though); yes only the first server in the Tor chain knows who you are; the "middle server" knows nothing; but the exit server sees all traffic as it must for that's when it goes unencrypted. Unless of course the output is a tunnel to another server.
Do you trust the exit server, that's the question.
I wouldn't and I know how it works.
Freedom (a Canadian system) was superb and worked (based on nyms). It got closed down 4 months after 9/11. No connection or so we were told - despite the company reporting profit in 2001 for the first time.
I do not believe that any anonymising service these days works. For casual use perhaps. For long-term use no.
