I'll use the word we if I want. We as in those who do PVP and do not endorse combat logging in any shape of form and whether or not it's endorsed and approved by frontier. I'll report anyone who combat log on me, done via menus or not I don't care. Combat logging is cheating, period.
Menu logging isn't an exploit. Not even in PvP. If RL calls(this usually happens at least once, every time I play) I will menu log, in any situation. The game is simply not important enough to have a different approach if another commander is around.
On the other hand, menu logging can easily be used as an exploit.
If I sitt 6km outside a station in a ship with lots of long range rails and shoot people, and then menu log if someone comes after me, I am exploiting.
If I interdict you and then menu log, when I realize I'm losing, I'm exploiting.
It all depends on the situation.