It depends on the problem you're trying to solve, I think.
Let's consider a command line application that fetches a URL, like wget. Without exceptions, you would check the return code of all the system functions you call (dns, sockets, etc), and if any of them fail you can't really recover. You just write out an error message and exit. With exceptions, you could wrap the whole thing and if any system function throws an exception, you print out the exception and exit. So it's much the same in this case.
Now put the url fetch code into a larger application. With exceptions this is pretty easy - you can catch any exception thrown by your url fetch code and then retry it a few times until it succeeds, or you inform the user of the app. Without exceptions this is tougher as you need to unroll everything manually in order to retry.
Finally we have something complicated like running a simulation. If something gives an error, we probably don't want to stop the whole simulation. We'd want to check the specific error result and then fix the simulation and continue. In this case exceptions would add a lot of boiler plate code and would need to be handled just as carefully as error results (eg, wrapping each call in its own try and handling each error).
So it's pretty clear that it depends is very applicable to when you'd rather use exceptions or error results. In general I think exceptions are better as long as they're only used for actual error cases as it gives the user of the functions more control over where and at what level to handle exceptions.