One of my bosses made this assertion about Object Oriented code that followed the Law of Demeter and other OO best practices. I don't think he's entirely the best OO person, or entirely on the right track. However, I would venture to say that all programming paradigms hit a point where visualizing the flow of control gets exhausting. If it's not a twisty maze of little methods, all looking the same, then it's a twisty maze of callbacks...
With callback-oriented code you're teleporting in space and time.
They can both make it hard to trace the path of execution. At least with OOP code you have a sensible stack trace, though. ;)
OTOH, I think that the big problem with continuations is that it gets very difficult to build efficient implementations of them (and this tends to impact not just efficiency of code that uses continuation, but usually efficiency of any code in a language which supports them), and it is much more efficient to implement specialized weaker (but good enough for most key use cases) forms of the most important applications of continuations.
Supporting coroutine.create+coroutine.clone, shift+reset, or setcontext+getcontext+makecontext+swapcontext seems to have no performance impact on code that does not use the features.