There is a third option too that I've heard some here use - breed the heifers to calve after your cows thereby benefitting from some extra age on the heifers and getting better/faster conception as a result.
I guess it depends on your circumstances, we always bred heifers to calf 6-8 weeks ahead of cows so that we could pay more attention to them at calving time and I suppose a bit of giving them extra time to cycle before breeding back too. Last 3 years or so we have calved at the same time as the cows, I generally don't worry about calving heifers nowadays as long as I don't use a big dumb untried bull
We have never had many breedback problems under our conditions here or in Scotland - maybe more of an issue in drier, more arid areas?
With our banked grass calving system we calve the cows on that but the feed isn't high enough quality for first calf heifers so we always feed them right through to green grass. Calving them later reduces the time they are on dry feed post calving which I think is good because I find they go stale if we calve them too far ahead of green grass. So from that aspect I prefer calving them same time as the cows - downside is that we have had more dink calves since calving later although we were maybe going that way anyway with developing the heifers slower. The extra age used to make the heifers calves weaning weights more comparable to the cows calves. Another downside is if a heifer calves late second cycle she is a pretty late calver in my overall herd. Calving late second cycle when you start 6-8 weeks earlier than the cow herd isn't so bad.
Swings and roundabouts I guess, whatever works for your situation.