When one should implicitly or explicitly link to a DLL and what are common practices or pitfalls?
I'm assuming you refer to linking using a .lib vs loading a DLL dynamically using LoadLibrary().
Loading a DLL statically by linking to its .lib is generally safer. The linking stage checks that all the entry points exist in compile time and there is no chance you'll load a DLL that doesn't have the function you're expecting. It is also easier not to have to use GetProcAddress().
So generally you should use dynamic loading only when it is absolutely required.