The shorter path is more efficent from an exhaust viewpoint, but the quality of the damper can let more heat out in the winter. Since the heat rises, the ceiling has benefits even with the longer ducts. So, it sort of depends on the situation and available access.
Most of the overhead ceiling mount fan/light combos are not location properly to light up the vanity area, and are better for general lighting, not task specific lighting needed to do things like shaving or putting on makeup. There, dedicated light(s) for that are useful. If you go with ceiling, don't vent into the attic...run it to the outside, either through the roof, gable end, or (last choice) sofit area.