We consider a very general model of equilibrium polycondensation of tree polymers and elucidate (i) the conditions that must be met for gelation to compete with phase separation under a variety of conditions; (ii) how gelation is different from a thermal transition; and (iii) how gelation can be induced not only by lowering but also by raising the temperature, thereby giving rise to the [lower critical solution temperature for gelation] phenomenon observed recently. We also preset a new and direct scheme to calculate the contributions to various functional densities from finite (sol) and infinite (gel) clusters. The scheme presents us with an elegant method to calculate the loop density explicitly and helps settle a long-standing controversy about the presence and the nature of loops in the postgel regime. The loops are macroscopic in size. Other important features are also discussed.