Don't be a hater. :-)
By the way, I'm assuming you meant:
MyClass oClass = [[MyClass alloc] initWithLength:(int) 5 andText:(NSString *) @"Hello"];
The reason for multiple init... methods is to make it more convenient for developers to create properly initialized instances. So, for example, if you find that developers often need to create instances of MyClass with a length and text, you make their life easier by providing an API that allows them to do that in one step. And if you find that developers also frequently need to create instances of MyClass with just a text string, you might also provide an -initWithText:
method.
And if the instances created this way are frequently used as temporary objects (i.e., not stored in instance variables or static variables), you might also add a class convenience method like +myClassWithText:
that returns an autoreleased instance of MyClass initialized with the provided text string.
As to which one is better: it's always better to fully initialize an object when possible, so if the object needs both values to be properly initialized, use the method that allows you to provide both arguments. And if you don't need to store a reference to the instance you're creating, use the class convenience method so your code doesn't have to deal with memory management.