A popular option for over the range vent/light is the microhood. Sometimes they're actually blowing grease laden air and moisture out of the room through a duct that goes straight back through an exterior wall or up and out. Many times, however, they are recirculating the same air though a grease trap.
This way of venting solves a problem if you don't have a better place to put the microwave, but it does tend to put the microwave in an inopportune place for shorter users. (High and over hot, possibly dangerous situation)
There are newer designs that have LED lighting and are more streamlined in size. They used to be oversized and clunky- as tall as 20''. I actually like a model out now that is 10 1/4 '' tall. That gives a better look at least. Still doesn't address accessibility, but sometimes it is worth it to use one of these to free up countertop space.
If you are a fan of these microwave/rangehoods, be sure to check the manufacturer's specifications regarding how far from the stovetop it needs to be. Remember that you may be able to use a shorter or taller wall cabinet in a new cabinet set to put it just where you want it height-wise with those requirements in mind. The main point is, remember who you want to be able to use it. If your kids are already accident prone, you know what I think, don't set them up for burns or falls. Just because they are used often, doesn't mean they're the best option for everyone.