also refer the following links:

http://www.dotnetspider.com/kb/Article2340.aspx

http://support.microsoft.com/?id=893667

User control
1) Reusability web page
2) We can’t add to toolbox
3) Just drag and drop from solution explorer to page (aspx)
4) U can register user control to. Aspx page by Register tag
5) A separate copy of the control is required in each application
6) Good for static layout
7) Easier to create
8)Not complied into DLL
9) Here page (user page) can be converted as control then
We can use as control in aspx
Custom controls
1) Reusability of control (or extend functionalities of existing control)
2) We can add toolbox
3) Just drag and drop from toolbox
4) U can register user control to. Aspx page by Register tag
5) A single copy of the control is required in each application
6) Good for dynamics layout
7) Hard to create
8) Compiled in to dll