I've always heard about a single exit-point function as a bad way to code because you lose readability and efficiency. I've never heard anybody argue the other side.
I thought this had something to do with CS but this question was shot down at cstheory stackexchange.
If you feel like you need multiple exit points in a function, the function is too large and is doing too much.
I would recommend reading the chapter about functions in Robert C. Martin's book, Clean Code.
Essentially, you should try to write functions with 4 lines of code or less.
Some notes from Mike Long’s Blog:
With most anything, it comes down to the needs of the deliverable. In "the old days", spaghetti code with multiple return points invited memory leaks, since coders that preferred that method typically did not clean up well. There were also issues with some compilers "losing" the reference to the return variable as the stack was popped during the return, in the case of returning from a nested scope. The more general problem was one of re-entrant code, which attempts to have the calling state of a function be exactly the same as its return state. Mutators of oop violated this and the concept was shelved.
There are deliverables, most notably kernels, which need the speed that multiple exit points provide. These environments normally have their own memory and process management, so the risk of a leak is minimized.
Personally, I like to have a single point of exit, since I often use it to insert a breakpoint on the return statement and perform a code inspect of how the code determined that solution. I could just go to the entrance and step through, which I do with extensively nested and recursive solutions. As a code reviewer, multiple returns in a function requires a much deeper analysis - so if you're doing it to speed up the implementation, you're robbing Peter to save Paul. More time will be required in code reviews, invalidating the presumption of efficient implementation.
-- 2 cents
Please see this doc for more details: NISTIR 5459