Short melting zone melts material in small amounts which is suitable for thin layers with small nozzles. In opposite, long melting zone can heat a big amount of filament which is needed for fast printing and thick layers.
short melting zone
- less amount of melted material
- thin layer heights
- quality printing with details
- give more precise volume control with less flow/pressure lag and better retraction performance (thx @Ryan-Carlyle)
- nozzles: 0.25-0.8 mm (available for E3Dv6)
long melting zone
- more amount of melted material
- thick layer heights
- fast printing with less details
- nozzles: 0.4-1.2 mm (available for E3D Volcano)
Example
Example of those hotends are E3Dv6 and E3D Volcano
E3Dv6

E3D Volcano with a much longer melt zone than v6

Speed comparison video:
Speed comparison graph:

Update
CNC Kitchen YouTube channel did a review of 0.1 mm nozzle, where the author discusses problems with very low material flow. The main point is the usage of high-quality materials (he uses Polymaker PolyMax PLA) and avoiding materials like PVA, which tend to crystalize under heat.