Is an exploit an exploit if a developer approves?

Over in the world of Lord of the Rings Online, some players are riled up over what they see as a clear exploit in PvP. The controversial situation arose when players rolled the free Reaver monster class for the sole purpose of being killed by other players, and thereby rapidly advancing those players in rank.

Some players called it a clear exploit. Others said it violated the game's code of conduct. Yet Turbine stated that it is not a violation of rules and therefore is OK to continue.

It's an interesting situation that raises the question: Is an exploit really an exploit if a developer gives it the official studio approval? Do players have a leg to stand on by calling something an exploit if it's been evaluated and endorsed by the studio?

TH