[prog] C++ object creation

[ed orphan]

There seems to be two ways to create
an object with C++.
One is by using the new command along
with a pointer:
MyClass * MyClassPointer = new MyClass;
and the other is much simpler:
MyClass MyClassObject;
 I know that the method using new creates
dynamically allocated memory for the object.
So, when you do not use new, what kind
of memory ( if any ) is used?
I like using  MyClass MyClassObject
because its simple and short. 
What's the advantage of using new to
create a new object? Is using new necsessary
for certain situations, or is it just another way
to do the same thing?.
   Any information would be most welcome.