The most obvious problem with valve guide wear is exhaust smoke. The evidence of exhaust smoke when the throttle is opened after an idling period usually indicates valve guide, stem or seal wear.
The other resultant damage from worn guides is burnt valves. As the worn guides don't guide the valve directly onto the seat but rather let it slide into position, accelerated seat wear results in burnt valves. Severe pitting of the valve face due to the carbon generated from the passage of oil down the worn guides is another common related problem.