The author touched on testability. Dropping the "if" case eliminates one code path that may contain bugs.
But also, the revised code may perform a lot better if you're searching a lot of short lists. In that case, the target item has a large, though not likely, chance of being first in the list. This kills predictability of that "if" branch. Eliminating it can save ten cycles or so, possibly shaving 25% or so off the runtime of this function for short lists. (For large lists, the branch becomes predictable, and you start having cache issues due to the list's linked nature.)
My current side-project is an NES emulator. Nearly all my (non-algorithmic) performance enhancements have been of this nature: find some unpredictable branch nested inside a tight loop → eliminate the branch with "clever" logic → 25% performance gain on that loop.
(That there are no checks for "error" cases is a distraction. There aren't any in the original example either, because it's an example and the error cases aren't relevant to Linus's point.)