I just ran a test in Python 2.7 (with optimization turned off) in Ubuntu 12 on a VM running on a 64 bit Xeon. It appears that for $|a|=\{0,1,2\}$ computing the exponent is slightly faster if not the same. For all other values of $a$, computing the log is faster. The value of b doesn't seem to matter.
This is only for the scenario I mentioned above. Feel free to run this same test on other platforms/architectures and post your results here.
import math
from datetime import datetime
a, b = 2, 33
then = datetime.now()
for _ in xrange(10000000):
y = a * math.log(b)
print datetime.now() - then
then = datetime.now()
for _ in xrange(10000000):
y = math.pow(b, a)
print datetime.now() - then