At Minimum, Biblical Exposition Involves…
November 28, 20081. Reading or quoting from the biblical passage to be expounded.
2. Giving the basic thrust of that passage’s message.
3. Positively demonstrating the meaning of the text by supplying relevant supporting evidence to your interpretation (historical background, literary context, grammatical support, word studies, wider Scriptural cross-reference, etc)
4. Negatively clarifying what the passage does not mean; ruling out possible faulty interpretations.
5. Drawing out the lessons of the passage for believer and non-believer.
6. Relating the passage to Christ and his gospel (setting the text within the wider framework of biblical theology).
(Note: non essentials to exposition include catchy introductions or conclusions, illustrations, numbered points, alliteration. No doubt some of these can be helpful on ocassion, but you could do exposition without them).
unashamed 
When I was a full-time pastor of a church, I spent far too much effort on illustrations and numbered points and alliteration. Now I’m a “regular” member of a church, but preach biweekly at a nursing home. I’ve learned from my pastor that there’s huge power in simple biblical exposition. I get much better results per hour of preparation by focusing the great majority of the effort on the six items you mentioned in your list. I no longer have to be clever nor profound. I just have to preach the truth that’s already in the text. Any power in the message then comes from the Lord, not from me. I’m just the delivery system.