From MSDN:
Visual C++
Determining Which Linking Method to Use


There is a sentence in the "two hazards of explicit linking to be aware of" saying:
Explicit linking can cause problems if the DLL is using a DllMain function to perform initialization for each thread of a process because threads existing when LoadLibrary (or AfxLoadLibrary) is called will not be initialized.

I think this hazard also happens in Implicit linking, won't just happen in Explicit linking. Because if the DllMain() is used for some thread-dependent initialization, then using Implicit linking will also encounter that. (If the dll is already in some other thread, it also won't get called!)

Would like to confirm this w/ gurus here. Thanks for sharing your knowledge.