This is not an option in Chrome, for some unexplicable reason (Chrome has marked it as wontfix)., and it's the main reason I use Firefox. It's possible to hack around it with extensions and opening the Chrome extensions settings XML file and manually setting the Ctrl+Tab and Ctrl+Shift+Tab shortcuts, but it's fragile and annoying to set up, and has some odd behaviours in certain circumstances.
There is a deterministic way: look at the pop-up that shows the thumbnail in the most-recently used (MRU) order. Just like Alt+Tab.
If you're tabbing through more than five tabs, it's probably faster to click, whichever method is used. But at least MRU ordering lets you easily switch between any two or three tabs. That is impossible with visual ordering.
Taking in visual information is super slow. I feel like a lot of interface designers don't get this. It's great that it's there as a training wheel to teach you the movements, but having to rely on it even as an experienced user is a constant source of frustration.
It's a good question. It seems to work better for window switching because I'm switching more frequently and in a more predictable pattern. It's usually between 2 windows (code window and browser window) or occasionally 3 (code, browser, documentation/reference material).
Whereas it's rare to be switching in a consistent pattern between any 2 code windows. If a situation like that does emerge, I rearrange them so the two I need are side by side.
alt+1
ctrl+shift+tab
Goes to the rightmost tab