I don't use this system myself but have used something similar (many years ago weght watchers type plans) as a weight loss diet. Here is a good explanation of how the system works and what the exchanges consist of. It helps with meal planning by giving a certain quantity of food as equal to an "exchange" and then allowing a set number of exchanges in each food group at each meal. Some people probably find it very helpful--I know I used it for years in the 1070's. Now I just count carbs--this simpler the better for me now.
http://www.dietsite.com/dt/diets/dia...nge_system.asp
I think posting this link is ok with the rules of the forum as I understand but if the link is remeoved just google diabetic exchange system and you will find many websites featuring this.