Depends.
How high will the ceiling be? (If its high enough, you have plenty of head room)
Do you want to put in a lift? (Unless the flat ceiling is really high, probably will need a cathedral ceiling)
Do you want extra store? (Attic is the way to go)
I have a combination of cathedral and attic. Someday I might put in a lift.
I found out thought that the cathedral ceiling compounds construction for EVERYTHING related to the ceiling ... trusses, vapor barrier, insulation, putting the finish surface on, wiring it for lights, putting the lights up, etc. The work and costs just cascade.