Here are two beliefs. I think everybody will agree that one of them, at least, is false. I adhere to the second one.
Belief 1. The simplest way to compute the exponential $e^A$ of a complex square matrix $A$ is to use the Jordan decomposition.
Belief 2. It's simpler and more efficient to use the following fact.
Let $f(z)$ be the minimal polynomial of $A$, let $g(z)$ be $f(z)$ times the singular part of $e^z/f(z)$, and observe $e^A=g(A)$.
(By abuse of notation $z$ is at the same time an indeterminate and a complex variable.) (The problems of computing the exponential of $A$ and that of computing the Jordan decomposition of $A$ have the same difficulty level. But, to solve one of them, there is no need to refer to the other.) Here are two references
http://en.wikipedia.org/wiki/Matrix_exponential#Alternative
http://www.iecn.u-nancy.fr/~gaillard/DIVERS/Constant_coefficients/
Jordan decomposition is often mentioned in relation with matrix exponentials. I'm convinced (rightly or wrongly) that the association of these notions in this context is purely irrational. I think somebody once made this association by accident, and then many people repeated it mechanically.
Here is another attempt to describe the situation.
Put $B:=\mathbb C[A]$. This is a Banach algebra, and also a $\mathbb C[X]$-algebra ($X$ being an indeterminate). Let $$\mu=\prod_{s\in S}\ (X-s)^{m(s)}$$ be the minimal polynomial of $A$, and identify $B$ to $\mathbb C[X]/(\mu)$. The Chinese Remainder Theorem says that the canonical $\mathbb C[X]$-algebra morphism $$\Phi:B\to C:=\prod_{s\in S}\ \mathbb C[X]/(X-s)^{m(s)}$$ is bijective. Computing exponentials in $C$ is trivial, so the only missing piece in our puzzle is the explicit inversion of $\Phi$. Fix $s$ in $S$ and let $e_s$ be the element of $C$ which has a one at the $s$ place and zeros elsewhere. It suffices to compute $\Phi^{-1}(e_s)$. This element will be of the form $$f=g\ \frac{\mu}{(X-s)^{m(s)}}\mbox{ mod }\mu$$ with $f,g\in\mathbb C[X]$, the only requirement being $$g\equiv\frac{(X-s)^{m(s)}}{\mu}\mbox{ mod }(X-s)^{m(s)}$$ (the congruence taking place in the ring of rational fractions defined at $s$). So $g$ is given by Taylor's Formula.
This can be summarized as follows. :
There is a unique polynomial $E$ such that $\deg E\le\deg\mu-1$ E<\deg\mu$ and $e^A=E(A)$. Moreover $E$ can be uniquely written as $$E=\sum_{s\in S}\ E_s\ \frac{\mu}{(X-s)^{m(s)}}$$ with (for all $s$) deg $E_s\le m(s)-1$ \deg E_s < m(s)$ and $$E_s\equiv e^s\ e^{X-s}\ \frac{(X-s)^{m(s)}}{\mu}\mbox{ mod }(X-s)^{m(s)},$$ the congruence taking place in $\mathbb C[[X-s]]$.
(I tried to write $\deg E<\deg\mu$ and $\deg E_s< m(s)$ instead of $\deg E\le\deg\mu-1$ and $\deg E_s\le m(s)-1$, but it seemed to conflict with the blockquotes. I'd appreciate any help with this.)

