Is storing data directly in a list node better than storing a pointer to data?

Suppose we have two different doubly-linked list structures:

1. 
   

   One has content of the node embedded directly in the node:

   
   

   
   struct Content {
       // some stuff
   };
   struct Node {
       struct Node *next;
       struct Node *prev;
       struct Content content;
   }
   
   



2. 
   

   The other has a pointer to content:

   
   

   
   struct Content;
   struct Node {
       struct Node *next;
       struct Node *prev;
       struct Content *content;
   }
   
   

What are considerations to prefer one option to the other? The points can be about everything: performance in different conditions, architecture, ease of modification, ease of manipulating the list, etc.

I'd like to gather knowledge about the trade-offs present.

Shown code is C, but the question also applies to C++, or any other language which has explicit pointers.