Experimental exhibition does have restrictions. In practice:
Aircraft may only be operated for the purpose of exhibition, maintenance and
proficiency.
- Exhibition is defined as: attending a school or shopping mall exhibition, fly-in,
airshow, movie production, aerobatic competition or organized practice session.
- Maintenance shops may be defined as a number of airports across the US that are
authorized to support various systems.
- Operating limitations have eliminated the 300 nautical mile proficiency area, so
there are no restrictions on flight, except for Class B airspace. Clearly there is a
lot of latitude here. The FAA has carefully avoided defining the term "organized
practice session" and they will accept a fax on the day of your departure.
At the beginning of each year, the operator must submit a list of the events he/she intends to attend that year (program letter). Pilots normally do not list every airshow in the US, but they can and therefore always can be coming or going to an airshow.
To some this is overly restrictive. To others it presents an opportunity. Best discuss it with the FSDO you will be dealing with.