Updated Post 11/11/14:
As PPC Marketing consultants, we all develop our own professional “opinions” on optimization and the minutia of the technical details of PPC.  I have been on the record for a long time with my disdain for Broad Modified Match (BMM).  I’ve never been a fan.  When it’s used, it’s often used incorrectly, and unwittingly; the user is not getting any more than exact match — They sit, left wondering why their traffic volume is so low.  Mr Yuck describes how exactly how I feel about BMM
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With the latest update to now *force* users to select close variants with exact match, this is even more true.  You see, there used to be a tiny checkbox that allowed users to “opt out” of close variants, which made exact match truly exact match.  Well, that often overlooked option is now gone.  All exact match WILL INCLUDE close variants.  Say bye-bye to BMM as it fades in the distance.  So long BMM, I won’t miss you!

Original Post 4/14/14:
Did you know…Exact match includes: misspellings, plurals and “close variants” of your keywords.  Meaning it might not be as “exact” as you think.If you are using Modified Broad Match and +modifying +every +keyword then you are just using exact match in a more difficult fashion.

— Short Rant from SKM PPC Marketing Consultants