Advantages of throwing an exception:
- Cleaner control flow in your calling code. Checking for null injects a conditional branch which is natively handled by try/catch. Checking for null doesn't indicate what it is you're checking for - are you checking for null because you're looking for an error you're expecting, or are you checking for null so you don't pass it further on downchain?
- Removes ambiguity of what "null" means. Is null representative of an error or is null what is actually stored in the value? Hard to say when you only have one thing to base that determination off of.
- Improved consistency between method behavior in an application. Exceptions are typically exposed in method signatures, so you're more able to understand what edge cases the methods in an application account for, and what information your application can react to in a predictable manner.
For more explanation with examples, see: http://metatations.com/2011/11/17/returning-null-vs-throwing-an-exception/