They do not hesitate in bending the truth however they see fit to their cause. At times they are rigorous and precise; at times they just play dumb.

versus

They do not hesitate in bending the truth however they see fit to their cause: At times they are rigorous and precise; at times they just play dumb.

1. Am I correct that both the above sentences are acceptable, and the choice boils down to preference?

2. Preference aside, what arguments can be put forward to choose one over another? (For example one can argue that if separate sentences make complete sense it should be preferable because long sentences are harder to read, etc.)