If we're talking two's complement it's not undefined that is right.
Having to emit checks though, that is where I beg to differ.
A check is only useful if you want to actually change the behavior when it happens, otherwise it is useless.
Furthermore, it might be "essentially free" from a branch prediction point, but low and behold caches exist.
You would pollute both the instruction cache with those instructions _and_ the branch prediction cache.
From this it doesn't follow at all, that there is no cost.
In the end small things do add up, and if you're adding many little things "because it doesn't cost much nowadays" you will end up with slow software and not have one specific bottleneck to look at.
I do agree that having the option for checked operations is nice (see C#), but I have needed this behavior (branching on overflow) exactly once so far.