It'll depend on exact gear available, but doing some checking it seems that DE and Evisceration (unstacked) are nearly identical against DC Dynamis Mobs, using either Aluh + Oynos (DE: 1745, Evis: 1750) or Mandau 99 + Oynos (DE: 1797, Evis: 1795).
Exenterator is 22% ahead of DE with a top-end build (23% with Mandau 99).
Same gear against Pil with Stalwart's active, Exen is ~12% ahead of DE and 10% ahead of Evisceration, but that doesn't count the +crit rate from Champion's Drink. With Champion's Drink, Evisceration pulls decently ahead (~10%).
TA+Mercy Stroke beats TA+Exen by about 21% against Pil-level mobs, but only by 4% against Dynamis DC mobs.
Looks like unstacked DE is only about 2-3% ahead of unstacked MS when using Mandau 99. With the crit rate aftermath, overall DPS is just about tied.
So: Unstacked, Exen should be decently ahead of all other options on lower-level mobs. On higher level mobs it's still strongly competitive unless you have Champion's Drink (and aren't fighting mobs with -crit rate traits), in which case use Evisceration.
Stacked with TA, Mercy Stroke with Mandau 99 is decently ahead. With Mandau 95, though, the gap narrows considerably; MS wins on tougher content, Exenterator wins on lower level content.
Stacking with SA is less favorable for Exenterator, so the balance shifts a bit towards the other weaponskills, but overall recommendations are basically going to be the same.
In general you're going to be looking at a 10% to 20% gain in weaponskill damage using Exenterator over other non-relic options. If you have a 99 Mandau, there's very little case for Exenterator. If you have 95 Mandau, though, judicious use of Exenterator can still lead to it being better (but probably not better enough to justify the merit slot).

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