I am confused whats the difference between a component and a react class?
And when do I use a component over a react class? Looks like a component is a class and createClass creates a component.
This is the base class for React Components when they're defined using ES6 classes. See Reusable Components for how to use ES6 classes with React. For what methods are actually provided by the base class, see the Component API.
Create a component class, given a specification. A component implements a render method which returns one single child. That child may have an arbitrarily deep child structure. One thing that makes components different than standard prototypal classes is that you don't need to call new on them. They are convenience wrappers that construct backing instances (via new) for you.