Also note that not all APIs will be used be developers. Often it's someone less proficient with programming, and you can't rely on them to check the content of the return message. Help them help themselves by making curl (or whatever) bitch when there is an error.
It takes a bit more work to design an API that works over multiple transports, but a good framework, such as Servicestack.net if your in .Net land, mostly does it for you. By advocating 200 for all responses you're basically reverting to SOAP and WCF (Windows Communication Foundation).
Each to his own though, and for internal stuff, it might make a lot more sense.