I would always recommend wearing a dust mask for much of this type of work. If I remember to only start the sander once the head is in contact with wall/ceiling, and set the extraction mode and vacuum strength appropriately then very little dust gets away. If the pad is moving and contacts the surface when there isn't full brush contact, dust will escape.
I use mine for three things: flatting old rough paint, sanding areas of drywall filler, fixing large areas of rough plaster. Paper wise, I use both Granat and Granat-net depending the surface.
I've no doubt the new Planex has improved the dust control even more since the pad itself has a much larger number of extraction holes compared to the LHS 1.
How good is brilliant? Is it good enough that you don't need to seal off your work area? Don't need to wear a mask?