Yes, Result<T, E> should be equivalent in power to exceptions (the missing E part is why I was saying it's a superset of Option<T> functionality).
Regarding exceptions being more code, I very much don't agree. Even for embedded apps, the pattern of "if this fails, wind back up to some top level event loop" is quite common, and exceptions give it to you for free if you're also using RAII. In contrast, with Result<T, E> you have to write code at every level of the stack to handle it. Code which gets particularly ugly when you combine it with things like map() or filter().
Regarding exceptions being more code, I very much don't agree. Even for embedded apps, the pattern of "if this fails, wind back up to some top level event loop" is quite common, and exceptions give it to you for free if you're also using RAII. In contrast, with Result<T, E> you have to write code at every level of the stack to handle it. Code which gets particularly ugly when you combine it with things like map() or filter().