Compare/contrast Statement Creation methods

Can someone expound on the relative merits, pros/cons, where each is best suited for use (and why) of the following:
createStatement()
createCallableStatement()
createPreparedStatement()

This is a very basic JDBC question, and reminds me that I had argued with someone around 8 years back that it is all the same, but much to my annoyance , I was proven wrong hands down.
I would suggest that you read the difference between these in Sun documentation, or a google search.
I can indicate that the usage of one of these depends on what you want to do, the problem you are solving, if you are issuing a select query on the db or if you are performing a DML (update/insert/delete) on the db.
Thanks
Tapash

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