It is true, the exospheric helicopter has many of the same issues as the Aerovator, and is probably less rather than more viable, despite its smaller scale. Mostly, this is because the power requirement does not scale down much with size.
It is not true that subsonic lift is used by the Aerovator, lift is distributed over the entire structure at all speeds, mostly hypersonic. The propulsion is subsonic, though, via standard jet airplane engines. I have convinced myself, but not a lot of other people, that the Aerovator is actually more practical than the SE, due to a few key points: It is completely Earth based, is smaller, launches faster, has higher throughput, and can be made with near current materials (~6-10 GPa).
There once was a page on the Aerovator on Wikipedia. It was rightly removed because of the "no original research" policy. The Aerovator is now slowly fading from the Web, being replaced by a lawn care device of the same name. Here is what seems to be the last Wikipedia leech site that still has it online, unfortunately minus the pictures:
http://www.cassiopedia.org/wiki/index.php?title=Aerovator.
Get it while it lasts ... :-)
I have saved the source, perhaps one day I will upload onto a more suitable place.
Andreas