To make things very concrete, imagine that your pipeline has an execute stage where various operations get executed. Say you have operations for:
1. bitwise AND, which is extremely fast because each bit of the answer is just the AND of the corresponding bits of the inputs.
2. ADD, which is still a fast but is definitely slower than the AND: each result bit depends not only on the corresponding input bits, but also on the earlier bits (to propagate carries).
In some barbarically simple timing model:
- Each result bit for the AND might take a single gate delay (because it is a single AND gate), but
- The highest result bit for the ADD might take (say) 10 gate delays.
You'll also need a bit of logic to choose between the above computations depending on the opcode. Let's suppose this selection logic adds another 5 gate delays.
Long story short: when executing an AND, the whole result is ready after 6 gate delays. But when executing the ADD, some bits are not ready until 15 gate delays.
In a typical clocked design, you will need to run the clock slowly enough to accommodate the slowest such delay, i.e., even when you are executing ANDs, you're running the clock slower than 15 gate delays. The clock needs to run slow enough to accommodate any operation, and doesn't dynamically change on some kind of per-opcode basis (because that would be insanely hard to coordinate with the other pipe stages).
In contrast, in an asynchronous design, as far as I understand it, you don't have a clock at all. Instead, the result has an additional "ready" signal associated with it and, whenever the result is ready (a data dependent computation), the next stage can consume it.
Ideally this would mean your execute stage could process the AND operations in just 6 clocks instead of having to wait 15 clocks. Ideally, it might also mean you don't need to design your pipeline quite so carefully: in a clocked design, a single slow path slows down the entire pipeline; in an asynchronous design, that one particular path may be slow, but that doesn't slow down everyone else.