This came up last night because of knowledge of the infamous Bolt on a 2/3 Tarmogoyf scenario.

Opponent casts Warping Wail to exile the 1/2 Tarmogoyf (graveyards are only lands). We think the spell resolves and Goyf is exiled because it was a legal target and is exiled at the same time Warping Wail hits the graveyard, correct?

With the Bolt scenario the Goyf survives (or can survive) because of state based checks after Bolt resolves, but with Warping Wail it's a targeting issue.

Were we correct here in assuming the Goyf is still exiled?