Give me CAO 48 any day. The exemption can be debilitating and calling 5AM a normal time to start work is just wrong as are many aspects of the exemption. Following a fatigue management system will be worse. It will be even less restrictive than the current exemption in place. Telling a pilot that he can call in fatigued at any time without consequence is just plain fallacy.
I also don't believe for a minute that both pilots were asleep on a flight deck whilst a jumpseater from Adelaide Uni was watching.