Without a clustered index, your table is organized as a heap. This means that every row that is insert is added at the data page at the end of the table. Also as rows get updated, they get moved to the data page at the end of the table if the data updated is larger than than before.
When it is good to not have a clustered index
If you have a table that needs the fastest possible inserts, but can sacrifice update, and read speed, then not having a clustered index may work for you. One example would be if you had a table that was being used as a queue, for instance, lots of inserts that later just get read and moved to a different table.
Clustered Indexes
Clustered indexes organize the data in your table based on the columns in the clustered index. If you cluster on the wrong thing for instance a uniqueidentifier this can slow things down (see below).
As long as your clustered index is on the value that is most commonly used for searching, and it is unique and increasing they you get some amazing performance benefits out of the clustered index. For instance if you have a table called USERS where you are commonly looking up user data based on USER_ID then clustering on USER_ID would speed up the performance of all of those lookups. This simply reduces the number of data pages that need to be read to get at your data.
If you have too many keys in your clustered index this can slow things down also.
General rules for clustered indexes:
Don't cluster on any varchar columns.
Clustering on INT IDENTITY columns is usually best.
Cluster on what you commonly search on.
Clustering on UniqueIdentifiers
With uniqueidentifiers in an index, they are extremely inefficient because there is no natural sort order. Based on the b-tree structure of the index you end up with extremely fragmented indexes when using uniqueidentifiers. After rebuilding or reorganizing, they are still extremely fragmented. So you end up with a slower index, that ends up being really huge in memory and on disk due to the fragmentation. Also on inserts of the uniqueidentifier you are more likely to end up with a page split on the index thus slowing your insert. Generally uniqueidentifiers are bad news for indexes.
Summary
My recommendation is that every table should have a clustered index on it unless there is a really good reason not to (ie table functioning as a queue).