Earlier quoted context omitted.
Most of the useful optimizations that could be facilitated by treating integer overflow as jump the rails optimization could be facilitated just as well by allowing implementations to behave as though integers may sometimes, non-deterministically, be capable of holding values outside their range. If integer computations are guaranteed never to have side effects beyond yielding "weird" values, programs that exploit th…
How is this better behavior?
1. Behave usefully when practical, if given valid data.
2. Do not behave intolerably, even when given maliciously crafted data.
For a program to be considered usable, point #1 may be sometimes be negotiable (e.g. when given an input file which, while valid, is too big for the available memory). Point #2, however, should be considered non-negotiable.
If integer calculations that overflow are allowed to behave in loosely-defined fashion, that will often be sufficient to allow programs to meet requirement #2 without the need for any source or machine code to control the effects of overflow. If programmers have to take explicit control over the effects of overflow, however, that will prevent compilers from making of the any useful overflow-related options that would be consistent with loosely-defined behavior.
Under the kind of model I have in mind, a compiler would be allowed to treat temporary integer objects as being capable of holding values outside the range of their types, which would allow a compiler to optimize e.g. x*y/y to x, or x+y>y to x>0, but the effects of overflow would be limited to the computation of potentially weird values. If a program would meet requirements regardless of what values a temporary integer object holds, allowing such objects to acquire such weird values may be more efficient than requiring that programs write code to prevent computation of such values.