Well, favors are like a small "thank you" to your guests, so to me, your idea of giving away baked good etc...as the guests exit, is really the same as getting a "traditional" favor!
This sounds lovely - I like PandPs idea of personalizing the bags a little - or you could put a "thanks for joining us today" sign on the table...
We added an exit station to the end of our reception. The hall will provide a station of baked goods, water, iced t, lemonade, etc and bags for guests to take on their way out. Do I need to also get a traditional favor? Or can this count?