Update: this post is now obsolete with the advent of official exherbo installation instructions.
As the Exherbo developers say, this distribution is not finished/supported/full featured and is very volatile. The project has been alive for less than a year, and there is a significant amount of work to be done before it will be ready for the mainstream.
That said, this is what I did to get it working…
This information should be used to get an idea of Exherbo’s status, not as a reference for installation. If you are unfamiliar with any of these steps, you probably shouldn’t try Exherbo.