Let me preface my response by stating that, compared to many painters on here, I am not nearly as experienced, especially when it comes to spraying.
That being said, I have found that rolling provides a better finish. When doing ceilings, I usually come across popcorn, knockdown, or some type of plastered texture (such as a swirl). Cutting in and rolling a popcorn ceiling is a pain in the a..., so much so that I will tape off under the ceiling and cut in with a 1/2 inch mini roller rather than spinning my wheels with a brush. Spraying is a much more efficient way to accomplish this. I spray one coat, let it dry, and then spray a 2nd coat perpendicular to the first coat. Afterwards, if I really do a close examination of the ceiling, there are still some sides of the popcorn that haven't "taken" the paint. After all, a piece of popcorn, although not a perfect circle, basically has 360 degrees to cover. Theoretically, if you don't hit the popcorn from all directions, you cannot be assured that all areas have been painted. This depends on the condition of the ceiling before painting, and some ceilings cover better than others.
I have found this to be true when rolling popcorn ceilings as well. Don't expect a truly perfect finish. This reality always reminds me of the really useful post by PressurePros regarding the necessity of not being obsessive/compulsive or a perfectionist if you want to succeed. A newly painted ceiling should look good, but if you are wanting perfection, you probably are going to waste time and money by applying yet another coat.
As far as knockdown or other surfaces, I think spraying and then backrolling, as opposed to cutting/rolling, is still the smarter choice. Of course, whether the work site is occupied/full of furniture will influence this decision.
I don't see how backrolling can be avoided in many instances...those "holidays" occur in stucco or other rough textures.
I prefer a 511 spray tip when doing ceilings.