This is an old question but I didn't find guava's Optional class mentioned here and also JDK's Optional (from Java 8) which serves the same purpose and has more functionality.
This article is a good overview on the reasons for using guava's Optional. I highly recommend reading it.
Here's an excerpt:
What's the point?
Besides the increase in readability that comes from giving null a
name, the biggest advantage of Optional is its idiot-proof-ness. It
forces you to actively think about the absent case if you want your
program to compile at all, since you have to actively unwrap the
Optional and address that case. Null makes it disturbingly easy to
simply forget things, and though FindBugs helps, we don't think it
addresses the issue nearly as well.
This is especially relevant when you're returning values that may or
may not be "present." You (and others) are far more likely to forget
that other.method(a, b) could return a null value than you're likely
to forget that a could be null when you're implementing other.method.
Returning Optional makes it impossible for callers to forget that
case, since they have to unwrap the object themselves for their code
to compile.
My personal opinion, if that matters at all, is that returning null is not so terrible in an already verbose language like Java. The signature of the method sometimes screams that there can be some sort of null kind of result and using Optional doesn't add anything in terms of semantics anyway. For example:
public Point2D intersect(Line line)
Or in a method that looks up a value in a map by key.
If one calls such a method and performs a null check on the result, it's pretty obvious what is going on (checking for parallel lines or key not found). I would favor returning null lest I bloat my code.
I would always document it in the javadoc though.