The tradeoff in goto-vs-exception is that a goto needs an explicit label, while an exception allows the destination to be unnamed, constrained only by the callstack at the site where it's raised.
That makes exceptions fall more towards the "easy-to-write, hard-to-read" side of things; implied side-effects make your code slim in the present, treacherous as combinatorial elements increase. With error codes you pay a linear cost for every error, which implicitly discourages letting things get out of hand, but adds a hard restriction on flow. With goto, because so little is assumed, there are costs both ways: boilerplate to specify the destination, and unconstrained possibilities for flow.
Jumping backwards is the primary sin associated with goto, since it immediately makes the code's past and future behaviors interdependent. There are definitely cases where exceptions feel necessary, but I believe most uses could be replaced with a "only jump forward" restricted goto.
That makes exceptions fall more towards the "easy-to-write, hard-to-read" side of things; implied side-effects make your code slim in the present, treacherous as combinatorial elements increase. With error codes you pay a linear cost for every error, which implicitly discourages letting things get out of hand, but adds a hard restriction on flow. With goto, because so little is assumed, there are costs both ways: boilerplate to specify the destination, and unconstrained possibilities for flow.
Jumping backwards is the primary sin associated with goto, since it immediately makes the code's past and future behaviors interdependent. There are definitely cases where exceptions feel necessary, but I believe most uses could be replaced with a "only jump forward" restricted goto.