Gravitational waves from binary coalescences provide one of the cleanest signatures of the nature of compact objects. It has been recently argued that the postmerger ringdown waveform of exotic ultracompact objects is initially identical to that of a black hole, and that putative corrections at the horizon scale will appear as secondary pulses after the main burst of radiation. Here we extend this analysis in three important directions: (i) we show that this result applies to a large class of exotic compact objects with a photon sphere for generic orbits in the test-particle limit; (ii) we investigate the late-time ringdown in more detail, showing that it is universally characterized by a modulated and distorted train of "echoes" of the modes of vibration associated with the photon sphere; (iii) we study for the first time equal-mass, head-on collisions of two ultracompact boson stars and compare their gravitational-wave signal to that produced by a pair of black holes. If the initial objects are compact enough as to mimic a binary black-hole collision up to the merger, the final object exceeds the maximum mass for boson stars and collapses to a black hole. This suggests that-in some configurations-the coalescence of compact boson stars might be almost indistinguishable from that of black holes. On the other hand, generic configurations display peculiar signatures that can be searched for in gravitational-wave data as smoking guns of exotic compact objects.