L1 vs L2 Regularization

My understanding about difference between L1 vs L2 loss regularization and what to use when.

This is more of the place holders for all the articles and I will add explanations later. 

1. http://www.quora.com/Machine-Learning/What-is-the-difference-between-L1-and-L2-regularization
2. http://www.quora.com/Whats-an-intuitive-way-to-understand-the-difference-between-shrinkage-and-regularization-in-machine-learning-models
3. http://www.quora.com/Whats-a-good-way-to-provide-intuition-as-to-why-the-lasso-L1-regularization-results-in-sparse-weight-vectors
4. http://metaoptimize.com/qa/questions/3096/how-to-choose-a-supervised-learning-method#3100
5. http://www.quora.com/Why-is-L1-regularization-supposed-to-lead-to-sparsity-than-L2
6. http://www.chioka.in/differences-between-l1-and-l2-as-loss-function-and-regularization/
7. http://en.wikipedia.org/wiki/Least_absolute_deviations