Since try/catch can't be done in all languages, there should be an advanced version of the LE2 engine logfile. One that writes all information instantly to the logfile, no matter what errors occurs.
(Is not the case in LE2)
And what about an error callback. You could predefine a bunch of errorcodes and the user gets an callback method called, when an error occurs. The method gets the errorcode as a parameter and we could react to a "MeshNotFound" error for example. Would only work if those errors don't kill the engine, though. But it could work in all languages i think.
Like most people here i have no problem with -> at all.