What are the practical differences between template-driven and reactive forms?

I have been reading about Angular2 new Forms API and it seems that there are two approaches on forms, one is Template driven forms other is reactive or model-driven forms.

I would like to know the practical difference between the two, not the difference in syntax (obviously) but practical uses and which approach benefits more in different scenarios.
Also, is there a performance gain in choosing one over the other? And if yes, why?

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