Spoiler: Developer Comments
This makes my third attempt at fixing Vow of Poverty. My first two are actually sharing a thread (see my sig if you care), but now I am trying a third. This one is for the people who like the WotC one but think it needs a little more. This is the WotC one, but with the Sacred Vow requirement removed, the feat ability and poverty rules changed, and three new abilities added. I've actually made this one as a simpler option for me to use instead of my first one, which requires too many choices.

Vow of Poverty [Exalted]:
You have sworn off material goods. In exchange, you have found deeper insights to the universe.

Benefits: You get all the benefits listed under Benefits of Poverty below.

Special: You must never own more than eight lasting possessions—a simple set of clothing, a pair of sandals or shoes, a bowl, a sack, a blanket, a simple non-masterwork weapon, and any two other non-magical items. Seven of these items must be of plain and simple make, though one can be of some value. At any rate you can never own more than 120 GP worth of items nor may you own any magic item.

You are also permitted to own and carry any needed tools of your trade, as follows:

* If you have a divine casting class, you may own and carry a single simple wooden holy symbol in addition to the other items you are permitted.
* If you have a casting class that prepares their spells from a book, you may own and carry a single simple paperback book for your spells (this book has 100 pages and has a value of 5 gp regardless of the spells inside) in addition to the items you are permitted.
* If you have a class that provides spellcasting, you may own and carry a spell component pouch in addition to the other items you are permitted.
* If you have a class that grants trapfinding, you may own and carry a single set of non-masterwork thieves tools in addition to the other items you are permitted.
* If you have a base class with full base attack bonus progression, you may own and carry a single non-masterwork martial weapon in the place of the simple weapon you are permitted.
* If you have a base class that grants medium armor proficiency, you may own and wear a single set of non-masterwork leather armor.
* If you are carrying a ranged weapon, you may carry up to 100 pieces of ammunition for that weapon.

None of these items contribute to the 120 gp limit.

If you are capable of casting spells with expensive material components, you may spend XP in the place of those components; you must spend 1 XP per 5 gp in the price of the component.

In addition, you are permitted to own and carry food and water for your survival. You are permitted to own and carry up to but no more than a week's food, and a single waterskin which may only be filled with water. The person can never keep more money or wealth on his person than he needs to feed, bathe, and shelter himself for 1 week in modest accommodations. In any event, the amount of money you own and carry cannot exceed 5 gp. You cannot borrow or carry wealth or items worth more than 50 gp that belong to others. You are allowed to accept and use curative potions (or similar magical items where the item is consumed and is valueless thereafter) from other creatures.

If you willing violate the terms of this restriction, you lose the effects of this feat until you receive an atonement. Unwilling violations have no effect.

Benefits of Poverty:
AC Bonus (Su): A 1st-level ascetic receives a +4 exalted bonus to his Armor Class. The bonus increases to +5 at 3rd level, and thereafter increases by +1 for each 3 character levels. This bonus does not apply to touch attacks and does not hinder incorporeal touch attacks. Brilliant energy weapons, however, do not ignore this bonus. This does not stack with an armor bonus.

Bonus Feats: At 1st level, an ascetic gets a bonus feat, and another bonus feat at 5th level and every 5 levels thereafter. Unlike the other benefits of a vow of poverty, a character does not gain these bonus feats retroactively when he takes the Vow of Poverty feat; he only gains those bonus feats that apply for the levels he gains after swearing his vow.

Endure Elements (Ex): A 3rd-level ascetic is immune to the effects of being in a hot or cold environment. He can exist comfortably in conditions between –50 and 140 degrees Fahrenheit without having to make Fortitude saves (as described in the Dungeon Master’s Guide).

Exalted Strike (Su): At 4th level, an ascetic gains a +1 enhancement bonus on all his attack and damage rolls. In effect, any weapon the character wields (including natural weapons) becomes a +1 magic weapon, and can overcome the damage reduction of a creature as though it were a magic weapon. This enhancement bonus rises to +2 at 10th level, to +3 at 14th level, to +4 at 17th level, and to +5 at 20th level. At 10th level, any weapon damage the character deals is also considered to be good-aligned, so that it can bypass the damage reduction of some evil outsiders.

Sustenance (Ex): A 5th-level ascetic doesn’t need to eat or drink.

Exalted Grace (Su): Also at 5th level, an ascetic character gains the ability to rise towards the heavens. They gain a 40 foot fly speed with good maneuverability.

Deflection (Su): A 6th-level ascetic receives a +1 deflection bonus to his Armor Class. This bonus increases to +2 at 12th level, and to +3 at 18th level.

Resistance (Ex): At 7th level, an ascetic gains a +1 resistance bonus on all saving throws. This bonus increases to +2 at 13th level, and to +3 at 17th level.

Ability Score Enhancement (Ex): At 7th level, an ascetic gains a +2 enhancement bonus to one ability score. At 11th level, he gains an extra +2 bonus to that score, and a +2 bonus to another ability score. At 15th level, he gains an extra +2 bonus to those two scores, and a +2 bonus to a third ability score. At 19th level, he gains an extra +2 bonus to those three scores, and a +2 bonus to a fourth ability score.

Natural Armor (Ex): At 8th level, an ascetic gains a +1 natural armor bonus, or his existing natural armor bonus increases by +1. It increases an extra +1 at 16th level.

Mind Shielding (Ex): Also at 8th level, an ascetic character becomes immune to detect thoughts, discern lies, and any attempt to discern his alignment.

Damage Reduction (Su): An ascetic gains damage reduction 5/magic at 10th level. At 15th level, this improves to 5/evil, and at 19th level to 10/evil.

Greater Sustenance (Ex): Once he attains 12th level, an ascetic character doesn't need to breathe or sleep.

Energy Resistance (Ex): At 13th level, an ascetic gains resistance 5 to acid, cold, electricity, fire, and sonic energy. At 20th level, this increases to resistance 15.

Freedom of Movement (Ex): At 14th level, an ascetic can act as if continually under the effect of a freedom of movement spell.

Greater Mind Shielding (Ex): Once he attains 15th level, an ascetic character is constantly shielded from mental assault and intrusion, as the spell Mind Blank.

Regeneration (Ex): At 17th level, an ascetic heals 1 point of damage per level every hour rather than every day. (This ability cannot be aided by the Heal skill.) Nonlethal damage heals at a rate of 1 point of damage per level every 5 minutes.

True Seeing (Su): At 18th level, an ascetic gains a continuous true seeing ability, as the spell.

Endless Grace (Ex): At 20th level, an ascetic becomes immune to aging, becoming ageless. As a result, they no longer take penalties to their ability scores for aging, nor do they gain bonuses (any penalties/bonuses previously obtained remain). They do not die of old age.