To draw a parallel to multiplication:
If we consider the expression $e\cdot \sqrt5$, I could tell you that this represents the area of a rectangle with side lengths $e$ cm and $\sqrt5$ cm. Or maybe $e \cdot \pi$ is the cost of $\pi$ kg of material that costs $e$ dollars per kg.
Of course these quantities would not be exact, but the underlying intuition does not break down. The idea of repeated addition still holds, just that fractional parts of terms, rather than the entire number, are being added.
So does such an intuition for exponentiation exist?
Of course! For this we'll need an agar plate and some bacteria.

Illustrating exponents for whole numbers
You have a (very large) agar plate into which you add three bacteria. The bacteria reproduce and will double precisely every hour.
After $h$ hours you will have $3 \times 2^{h}$ bacteria.
I am thinking along the lines of, for example, $2\pi$ or $3^\sqrt{2}$ (or any other irrational power, really). What does this mean? Or, is there no real-world relationship?
There is indeed!
Illustrating exponents for real numbers
In fact, our last example was not very real-world. We assumed that the number of bacteria would instantaneously double precisely each time the big hand of the clock reaches 12. But bacteria are not so well-behaved.
Instead let's take a more reasonable assumption: that scientists have done experiments, monitoring the bacteria precisely when the big hand of the clock reaches twelve. Each time they observe precisely twice as many bacteria as the last experiment. But the scientists also know that the bacteria can increment continuously: any time in between.
Now let's say we're a bit into our experiment and it has had time to warm-up. Let's say we're at $4\pi$ hours: there's enough bacteria that reproduction is looking more and more continuous. Intuitively, the scientists' best model for the number of bacteria at this point is $3 \times 2^{4\pi} = 18,196$.
Illustrating $a^b \times a^c = a^{b+c}$
Let's say we are $i$ hours into the experiment, at which point we have $3 \times 2^{i}$ bacteria. Let's say we wait an additional $j$ hours, at which point we have $3 \times 2^{i+j}$ bacteria.
Let's do a little mental trick and assume that hour $i$ was actually the start of the experiment, where we had $3 \times 2^{i}$ bacteria to start with. Now after $j$ hours, we could alternatively say that we have $3 \times 2^{i} \times 2^{j}$ bacteria.
Here we see intuitively that $3 \times 2^{i+j} = 3 \times 2^{i} \times 2^{j}$. Starting with $3$ bacteria and running the experiment for $i+j$ hours results in the same amount as starting the experiment with $3 \times 2^{i}$ bacteria and running it for $j$ hours.
Illustrating why $a^{-b} = \frac{1}{a^b}$
For this we're going to need some penicillin.

This time, let's say $k$ hours into the experiment, the scientists introduce an antibiotic that will stop the bacteria reproducing and will continuously kill half the bacteria every hour.
At $k+n$ hours (let's stick with the idea that $n<k$) there will be $\frac{1}{2^n}$ times the number of bacteria that there were at the peak of $k$ hours. In other words, there will be $3 \times 2^{k} \times \frac{1}{2^n}$ bacteria at $k+n$ hours.
But, for example, doubling the bacteria for 5 hours and halving for 2 hours is equivalent to just doubling the bacteria for 3 hours. Doubling for $k$ hours and halving for $n$ hours is the same as doubling for $k-n$ hours!
From this, we see that with respect to the number of bacteria at $n+k$ hours, $3 \times 2^{k} \times \frac{1}{2^n}$ is equivalent to saying $3 \times 2^{k-n}$, which is (by the rule of $a^{b+c} = a^b \times a^c$) equivalent to saying $3 \times 2^{k} \times 2^{-n}$.
Hence we see why it's useful to say that $2^{-n} = \frac{1}{2^n}$. And intuitively the same thing would hold if the bacteria were to multiply by a factor of $a$ every hour and then divide by $a$ every hour: hence we see $a^{-b} = \frac{1}{a^b}$.
Illustrating why $a^0 = 1$
Well in the first part, we assumed that we start with 3 bacteria and we discussed how after $h$ hours you will have $3 \times 2^{h}$ bacteria, so if we consider the case with $h = 0$, we see why it makes sense that $2^0$ would be one.
Put another way: as in the previous part with penicillin, let's go back and think about the point $n=k$, where bacteria have been doubling and halving for an equal length of time. As this stage, we would expect the original number of bacteria to be present (since equal hours of doubling and halving cancel out), and our formula gives us $3 \times 2^{k-n} = 3 \times 2^{k-k} = 3 \times 2^0 = 3$ bacteria.
Illustrating why $a^\frac{1}{b} = \sqrt[b]{a}$
Finally, let's forget about the antibiotics and consider again just the phase of continuous reproduction. The rate of increase is $2{\times}$ every hour. But what is our best guess for the ratio of bacteria increase every half hour? Using our formula $2^h$, the factor is $2^{1/2}$ times of course! During reproduction, there will always be $2^{1/2}{\times}$ more bacteria than there were a half hour before.
But what does $2^{\frac{1}{2}}$ mean?
Well we know that there will be a factor of $2$ times more bacteria every subsequent hour, and we know that there will be a factor of $2^{\frac{1}{2}}$ times more bacteria every subsequent half-hour, and we know that two half-hours back-to-back make an hour, so we know that $2^{1/2} \times 2^{1/2} = 2$. From this we see that $2^{\frac{1}{2}} = \sqrt{2}$.
We can apply the same reasoning to a third of an hour, a quarter of an hour, and so forth. This illustrates why $a^\frac{1}{b} = \sqrt[b]{a}$.
Illustrating why $(a^b)^c = a^{bc}$
Okay, let's say our bacteria are multi-cellular.

Let's also say that they are not only doubling in number every hour, but each individual bacterium is doubling in size (doubling in cell-count) every hour too.
So the growth rate of cells in the agar plate is $(2^h)^2$ (since the growth of cells is squared within each bacterium), or equivalently $(2^2)^h$ (since cells are quadrupling every hour), or indeed $2^{2h}$ (since the factor of increase of cells after $j$ hours is the same as the factor of increase of bacteria after $2j$ hours).
See also ...
Image Sources: 1, 2, 3.