theres quite a few pinky exercises that I used to do before. My pinky used to suck! I found that the exercise that gave it the most control was playing scales up and down (the Aeolian scale was always a good one). That gave it positional control. Another exercise that I thought gave it consistancy was to go up te fretboard and the strings...this is actually an exercise for pre-guitar playing, so that you avoid carpal-tunnel, but it works both ways. hit the 1st fret with your index, 2nd with middle, 3rd with ring, 4th with pink on the E string. Then do it on the A, D, G, B, E...then go backwards E, B, G, D, A, E (low). then keep going up the fretboard by one fret until your pinky is on the 15th fret.
giving it strength was tricky for me, I tried hand exercisers but they never really worked...so I found another way.
as weird as this sounds, place two rubberbands around your four fingers (so that their anchoured near the main joint on the index and pinky) and stretch them outward...hold that position for 10 seconds, and then relax. repeat 10 times. If you've got REALLY weak hands do it with one, sometimes i feel like my pinky is gonna break, so be careful with it, those rubberbands pull! (use the thin ones too, not the thick bastards!)

for more control try doing some high solos with your pinky, start on the high E string pulling off something like this - 19p17p15 and going up to 20p17p15 occasionally, so repeat it megadeth speeds :P pull off the 20 and 19th frets with your pinky, 17 ring, 15 index.

im sure more people will have more opinions here, usually some critisizing me :P lol but yeah, this stuff helped me so i hope it helps you

Dispy