Is this long sequence of Hom's exact ? Let $\mathcal{A}$ be an abelian category with enough projectives and let $\underline{\mathcal{A}}$ be its stable category with loop functor $\Omega: \underline{\mathcal{A}} \to \underline{\mathcal{A}}$ (for definitions see remark 3 below).  Define $\Omega^0 := id_{\underline{\mathcal{A}}}$ and $\Omega^{n+1} := \Omega \circ \Omega^n$ and denote the hom-groups of $\underline{\mathcal{A}}$ by $[-,-]$. Then, if 
$$ 0 \to B' \to B \to B'' \to 0$$
is a short exact sequence in $\mathcal{A}$, there is a sequence (starting with $n=0$ from the left): 

$$  ... \to [\Omega^n(A),B'] \to
> [\Omega^n(A),B] \to
> [\Omega^n(A),B''] \to
> [\Omega^{n+1}(A),B'] \to ...$$

and the composition of two consecutive maps is zero. 

Is this sequence exact, or
  equivalently, is $[\Omega^n(A),-]_{n
> \ge 0}$ a delta-functor ?

Remark 1: I know that the following is a long exact sequence (ending with $n=0$ at the right): 
$$  ... \to [A, \Omega^n(B')] \to [A, \Omega^n(B)] \to [A, \Omega^n(B'')], \to [A, \Omega^{n-1}(B')] \to ...$$
Therefore is guess that the sequence above is also exact. 
Remark 2: There is a natural epimorphism 
$$Ext_\mathcal{A}^n(A,B) \to [\Omega^n(A),B].$$ 
If $\mathcal{A}$ satisfies $Ext_\mathcal{A}^n(-,P)=0$ for all projectives $P$ and all $n > 0$  then the epimorphism is actually an isomorphism (for $n >0$) and the 
exactness of the sequence follows from the long exact $Ext$-sequence. 
Remark 3: The stable category $\underline{\mathcal{A}}$ is defined as follows: It has the same objects as $\mathcal{A}$ and the hom's are given by 
$$[A,B] := Hom_{\underline{\mathcal{A}}}(A,B) := Hom_\mathcal{A}(A,B) / P(A,B)$$ 
where $P(A,B)$ is the subgroup of homomorphisms that factor through a projective.  The endo-functor $\Omega$ is obtained by taking fixed projective presentations in $\mathcal{A}$: 
$$0 \to \Omega(A) \to P \to A \to 0.$$
 A: If the category ${\mathcal{A}}$ is Frobenius (that is it has also enough injectives and the classes of injective and projective objects coincide) then $\underline{\mathcal{A}}$ is triangulated with $\Omega$ being the shift $[-1]$ functor. Then the sequence you write down is the usual long exact sequence of a distinguished triangle, so it is exact.
A: It's not exact in general. Take $\mathcal{A}$ to be the category of finitely generated abelian groups, so that $\underline{\mathcal{A}}$ is the category of finite abelian groups and $\Omega=0$. Take the short exact sequence
$$0\rightarrow \mathbb{Z}/2 \rightarrow \mathbb{Z}/4 \rightarrow \mathbb{Z}/2\rightarrow 0$$
and $A=\mathbb{Z}/2$. Then the long sequence is
$$\mathbb{Z}/2\stackrel{1}\rightarrow \mathbb{Z}/2\stackrel{0}\rightarrow \mathbb{Z}/2\rightarrow 0\rightarrow \cdots,$$
which is not exact.
A: Due to better editing facilities I post this as an answer, though it's rather a comment. My motivation for beliving the long sequence might be exact was the (unconditional) exactness of the sequence in remark 1. But when applied to the short exact sequence 
$$ 0 \to \Omega(B) \to P \to B \to 0$$
with $P$ projective, the two long sequences show a significant difference. For, since $\Omega^n(P)$ is again projective we have $[-,\Omega^n(P)] = 0$ and the sequence in remark 1 just yields the tautological 
$$[A,\Omega^n(B)] \cong [A, \Omega^{n-1}(\Omega(B))],$$ 
while the sequence in question yields the sequence 
$$0 \to [\Omega^n(A),B] \to [\Omega(\Omega^n(A)), \Omega(B)] \to 0.$$
I see no reason, why this sequence should be exact in general. Therefore, I guess, one needs further assumptions, like $\mathcal{A}$ being Frobenius as observed by Sasha, in order to make the questionable long sequence exact. 
