We analyze the absolute magnitude (M_r) and color (u-r) of low redshift (z<0.06) galaxies in the Sloan Digital Sky Survey Data Release 6. galaxies with nearly exponential profiles (Sloan parameter fracDeV < 0.1) fall on the blue sequence of the color - magnitude diagram; if, in addition, these exponential galaxies have M_r < -19, they show a dependence of u-r color on apparent axis ratio q expected for a dusty disk galaxy. By fitting luminosity functions for exponential galaxies with different values of q, we find that the dimming is well described by the relation Delta M_r = 1.27 (log q)^2, rather than the Delta M = C log q law that is frequently assumed. When the absolute magnitudes of bright exponential galaxies are corrected to their face-on value, M_r^f = M_r - Delta M_r, the average u-r color is linearly dependent on M_r^f for a given value of q. Nearly face-on exponential galaxies (q > 0.9) have a shallow dependence of mean u-r color on M_r^f (0.096 magnitudes redder for every magnitude brighter). By comparison, nearly edge-on exponential galaxies (q < 0.3) are 0.265 magnitudes redder for every magnitude brighter. When the dimming law Delta M = 1.27 (log q)^2 is used to create an inclination-corrected sample of bright exponential galaxies, their apparent shapes are confirmed to be consistent with a distribution of mildly non-circular disks, with median short-to-long axis ratio gamma = 0.22 and median disk ellipticity epsilon = 0.08.
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