I also think promises' use of return values vs passing a callback as an argument is conceptually cleaner and easier to compose.
That said, I still feel that both promises and explicit callbacks kind of suck in their own way. Callback code is usually much more verbose and has bad error handling while promises are bad at "jumpy" control flow. When I last worked in a big JS project it got bad enough that I eventually wrote my own control flow library on top of the base Dojo promises we were using so nowadays if I had to work with a big JS project again I would definitely try to use of those tools that add async control flow to the language and compile doen to regular continuations (looks nice like promises, can use loops, break and return like regular JS and raw callbacks don't need extra runtime support)