Since most object-oriented languages and runtimes provide object instantiation (e.g. new, newobj, etc.) and initialization (e.g. constructors) mechanisms, there may be a tendency to simply use these facilities directly without forethought to future consequences. The overuse of this functionality often introduces a great deal of the inflexibility in the system, as the direct use of a language/run-time object instantiation function creates an explicit association between the creator and created classes. While associations are a necessary type of relationship in an object-oriented system, the coupling introduced between classes is extremely difficult to overcome should requirements change (as they always do). [MSDN Microsoft]

One of the most widely used creational patterns is the Factory. This pattern is aptly named, as it calls for the use of a specialized object solely to create other objects, much like a real-world factory [MSDN Microsoft]

As with other design patterns, there are countless variations of the Factory pattern, although most variants typically used the same set of primary actors, a client, a factory, and a product. The client is an object that requires an instance of another object (the product) for some purpose. Rather than creating the product instance directly, the client delegates this responsibility to the factory. Once invoked, the factory creates a new instance of the product, passing it back to the client. Put simply, the client uses the factory to create an instance of the product [MSDN Microsoft]

The factory completely abstracts the creation and initialization of the product from the client. This indirection enables the client to focus on its discrete role in the application without concerning itself with the details of how the product is created. Thus, as the product implementation changes over time, the client remains unchanged

http://gsraj.tripod.com/design/creational/factory/factory.html | http://msdn.microsoft.com/en-us/library/ee817667.aspx | http://www.dofactory.com/Patterns/PatternFactory.aspx