Well --- I might feel just a LITTLE bit different about this.
If you received the address as someone in the exchange that you were sending your exchange item too --- I think it would be okay to follow up with a Holiday Card. If you were in charge of an exchange and people gave their names/addresses/personal info to you for the purpose of the exchange only --- then I think I would quickly PM the person to see if they minded if you used their address for the purpose of sending Holiday Cards. And under NO CIRCUMSTANCE would I feel it appropriate to share the name/address/personal info with anyone else.
I joined in on one of the coupon exchanges earlier this year and was quite upset that my name/address was shared with EVERYONE in the exchange rather than just the person that would be sending to me. I've been very careful since then in the exchanges that I participate in.
You give your name/address to the wrong person and you can get burned. PLUS on this board we are often very open about our personal lives including our vacation dates, etc --- and if you let your personal name/address roam free and the wrong person gets ahold of it -- and realizes when you are on vacation --- get the point?