However, exceptions do simplify some situations, such as when an unrecoverable error happens at the bottom of a deep call stack. Exceptions make it simple to inform the user/system that an error has occurred without adding error checks to every function in the call stack. I believe this use-case justifies the feature, especially if you can tolerate the performance loss which might not even be that bad [0].
Having the compiler check error codes is one of the reasons I enjoy Haskell so much: the type system makes you handle failure (amongst other things).
[0] http://www.open-std.org/jtc1/sc22/wg21/docs/TR18015.pdf - Section 5.4.1.2 - the table approach to exception handling has no run-time cost during normal (non-exceptional) program flow.