I have noticed in watching many of my favorite guitarists that the pinky isn't really used a whole lot, atleast in the styles I enjoy. (Rock, Blues, Classic Metal. I bet those jazz dudes with all those wild chords do tho). But it does need to work when you need it to (Like mad solos, barre/power chords, and accenting like D-Dsus). Think of your basic open chords, most of them don't require the pinky.
I have practiced a lot of the excersizes on this site and my pinky has gotten better..slowly, but it has. I works well enough to hold down the string i need it too anyway. It does take a lot of work and some pain. But it will happen.
As far as the excersizes go, ones like the scale patterns worked for me. In my case tho i had to force myself to use my pinky where the instructor used his and not "cheat" with my ring finger. But now i am used to it and it works!
You know the old saying, no pain, no gain. Just be careful not to over do it and really hurt yourself.
Good luck!