Here is a cool little page on how tranmissions work, complete with illustrations.
http://www.gadgetjq.com/transmission.htm
I've shifted w/o the clutch for many years without a problem on my Venture, XS11 and on occasion my Vmax. If its done right (up shifting) the gears just fall into place and can actually be more smooth then when clutching.
There are others that say it will kill your trans, other's say it's not as hard on them. It's kinda like that oil debate.
Here is a debate thats going on about this topic on the Total Motorcycle Forum.
http://www.totalmotorcycle.com/BBS/viewtopic.php?t=27809&sid=2b93087486387c4ce56bf65bd12f36ed
enjoy :biglaugh: