...Neel is tossing around as the alternatives for his implementation, so I'm just engaging in a little idle speculation. :-)
As far as I can tell exceptions involve two things: (1). a set of code to run when an exception occurs; and (2). a continuation point to jump to once that code is completed. I gathered from your assesment that you think these features have been reduced to a glorified goto construct (reversing the order i just gave). My point, if there was one, was that instead of being a label to which one branches to, the code to be executed can also be thought of as anonymous function which gets fired when an exception event us triggered. No comment was given on the effect in terms of continuation.
Anyhow, other than establishing whether an event is handled or whether it simply throws the exception up the continuation stack, the checked exception handling in Java doesn't give any other clues to the compiler (for static checking purposes). Might be valuable information, but it provides no information beyond the propagation.