Can you explain the distinction, the pros and cons; in a simple to understand way, for Controlled Components vs. Uncontrolled Components?

I’m looking to gather a set of guidelines one should keep in mind while building my React components; what are the times when I should be making it a controlled component, and why?

To ask a question further; how should I be managing controlled components, when using something like Redux; would component level state be considered a bad practice?