When one should implicitly or explicitly link to a DLL and what are common practices or pitfalls?
I agree with other who answered you already (Hans Passant and shoosh). I want add only two things:
1) One common scenario when you have to use LoadLibrary and GetProcAddress is the following: you want use some new API existing in new versions of Windows only, but the API are not critical in your application. So you test with LoadLibrary and GetProcAddress whether the function which you need exist, and use it in the case. What your program do if the functions not exist depend total from your implementation.
2) There are one important options which you not included in your question: delayed loading of DLLs. In this case the operating system will load the DLL when one of its functions is called and not at the application start. It allows to use import libraries (.lib files) in some scenarios where explicitly linking should be used at the first look. Moreover it improve the startup time of the applications and are wide used by Windows itself. So the way is also recommended.