The other problem with guids is that if you cluster on a guid, then whenever you do inserts, you're inserting the data into random spots in the table. You end up fragmenting the bejeezus out of the table, doing page splits like crazy. If you defrag the table/indexes, you'll be right back where you started within a few days of doing inserts.
That penalty isn't immediately obvious in small environments, but by the time you're big enough to have performance problems and you call in a consultant, it's going to be an ugly discussion with management. "Hey, wish I could help you, but..." Don't get me wrong, that's not always the biggest bottleneck, but it makes for some awkward discussions.
In almost all the cases that I see GUIDs, they were totally unnecessary for the design. Even the developer who designed them could not give a reason why they needed to be GUIDs. A row unique across the entire universe? Really?
I'm not saying there are no cases...just that in most cases they negatively impact performance with little business or logic gain for that price. All design decisions come down to cost, benefit and risk.
I'm not actually certain as to the implementation.