Which statement is preferable? Depends on what you are doing.
Are there other performance implications? If the table is a permanent table, you can create indexes at the time of table creation which has implications for performance both negatively and positiviely. Select into does not recreate indexes that exist on current tables and thus subsequent use of the table may be slower than it needs to be.
What is a good use case for SELECT...INTO over INSERT INTO ...? Select into is used if you may not know the table structure in advance. It is faster to write than create table and an insert statement, so it is used to speed up develoment at times. It is often faster to use when you are creating a quick temp table to test things or a backup table of a specific query (maybe records you are going to delete). It should be rare to see it used in production code that will run multiple times (except for temp tables) because it will fail if the table was already in existence.
It is sometimes used inappropriately by people who don't know what they are doing. And they can cause havoc in the db as a result. I strongly feel it is inappropriate to use SELECT INTO for anything other than a throwaway table (a temporary backup, a temp table that will go away at the end of the stored proc ,etc.). Permanent tables need real thought as to their design and SELECT INTO makes it easy to avoid thinking about anything even as basic as what columns and what datatypes.
In general, I prefer the use of the create table and insert statement - you have more controls and it is better for repeatable processes. Further, if the table is a permanent table, it should be created from a separate create table script (one that is in source control) as creating permanent objects should not, in general, in code are inserts/deletes/updates or selects from a table. Object changes should be handled separately from data changes because objects have implications beyond the needs of a specific insert/update/select/delete. You need to consider the best data types, think about FK constraints, PKs and other constraints, consider auditing requirements, think about indexing, etc.