In my experience this option is too risky. Making simple changes to the script without scientifically proofing and testing it works under all cases becomes impossible (depending on how complex the script and task itself is). It has a bit of the energy of "well you have to make no errors in C, then you can write good code and it never fails".
This option is good if the script MUST fail under any circumstances, if any error return of a program occurs. Which is usually not the case for most scripts. It's also useful in testing when debugging or when developing. Also useful if you purposefully enable and disable the option on the fly for sensitive segments of the script. I do not like this option as a default.