Do you need FCC approval? Do you know how to go about it? (If not, use a module which has approval already)
Do you know how to tune the RF part of this? That needs special tools (network analyzer, etc) and expertise. When I had to do that, it was a real pain :) (If not, use a module, or use the Broadcom chip which has antenna on board; or Dialog chip which integrates a matching network and has a reference design for antenna)
Do you want to develop firmware for the Bluetooth SoC? That can be complicated/annoying/expensive. (If not, use nRF8001 or BlueNRG, or use TI CC254x which has ready-made firmwares already)
What is the primary design driver/goal: size, unit cost, development cost, time-to-market?
Considering the different possible goals:
For total size, the Dialog chip is hard to beat.
For unit cost - I'm not quite sure, depends on your manufacturing capability, but don't ignore the fact that some of these chips need way more support components than others (so that $3 Nordic chip is really more like $5-$6 per unit for the complete subsystem, whereas CC2540 based modules can be had for less than $5). Also don't ignore the $10-$20k (?) for FCC approval amortized over however many units.
For development cost or time to market - do yourself a favor and use a module :)
For total size, the Dialog chip is hard to beat.
For unit cost - I'm not quite sure, depends on your manufacturing capability, but don't ignore the fact that some of these chips need way more support components than others (so that $3 Nordic chip is really more like $5-$6 per unit for the complete subsystem, whereas CC2540 based modules can be had for less than $5). Also don't ignore the $10-$20k (?) for FCC approval amortized over however many units.
For development cost or time to market - do yourself a favor and use a module :)