Which version of JBossAS 7 are you using?
I think exclusions were added after 7.1.1 was released.
same behavior on JBoss AS 7.1.1.Final and jboss-eap-6.1
Sorry, I was thinking of something else.
I don't think <exclude-set> does what you think. The schema documentation says that the path name is "A filesystem path name.".
So your path name should at least have a ".class" suffix. I don't know if the path can be relative to the module or not.