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I am not too familiar w/ the bus but I am quite familiar with the path & train as I used to commute from Roselle Park (same line, Raritan Valley, as Westfield) to NYC. I alternated my commute btwn taking the train straight to NY Penn & taking the train to Newark and then hopping on the path, trying to figure out the least stressful & cheapest route. For me, the path turned out to be cheaper, about $40 a month less, but it took longer as my stop was 33rd street. Path also gives you more options of where you can catch it, as opposed to taking the train from NYC, since you can only board from NY Penn. Also, if you are taking the path from the 33rd-christopher, you'll have to switch at journal square to get to Newark. If you take the path from WTC, it is a straight shot to Newark.
I also found that when taking the path, I missed the connecting train at Newark a couple times b/c of some random delay or I was cutting it too close... However if you take the train from Penn Station and your train is delayed, sometimes they will hold the connecting train for you.
I ended up sticking with the train since it made my commute shorter. But I will warn you, NJ transit trains really aren't the most reliable...
If you do decide to take the train, you should check out clevercommute.com. It's fellow commuters on your line sharing info such as delays, cancellations, etc. I find it to be helpful, although it may not work as well for you since you are going against the rush.
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