With the 4.0.6 Patch "The Exalted" has been increased to include the 45 and 50 versions. 50 Reputations at exalted will reward you "The Exalted" title up from 40 previously. "The Exalted" title also has been removed from people who had the previous version of it at 40.
Quote from: Bashiok (Source)
We think "the Exalted" is a really awesome title. With Cataclysm we added a bunch of new reps though, and we want the title to keep pace so that it's always representative of someone that's obtained a considerable number of exalted reputations throughout the life of the game, even as we add more.
We did consider offering multiple titles for the various tiers, but "the Exalted" fits so perfectly and we wanted to avoid a potentially infinite string of titles like "the Fairly Exalted", "the Nigh Exalted", "the Mostly Exalted", etc. We also considered grandfathering in those who had already earned it but think that this title can be a unique testament to the continued efforts of reputation hunters and keep the same value as we introduce more reps and push the requirements up to match.
It's different than every other rep in the way we're raising it with a new bar to meet, and I do apologize that it wasn't communicated clearly beforehand that it was going to be functioning this way.