Long run pace varies according to your goal and your level of conditioning. As a general rule, I suggest that long runs pace be 5k pace divided by .75 which is about 67.5%, on average, of your Max VO2. Jack uses 70% of Max VO2, I believe, which great too. I yeild to his expertise.
To be more specific, a long run can be a harder workout too, but if you run faster you must adjust your schedule so that you adquately recover before tackling another harder workout. I personally think that the zone of greatest benefit for long run is between half marathon race pace and marathon race pace, but surely it depends upon your schedule. As an example, people who know distance running history will tell you that during Frank Shorter's weekly long run (2 hours or 20 miles whichever came first....usually 20 miles) he ran the second 10 mile loop at close to marathon race pace. I think he was smart enoguht to do it on purpose, not because he was compulsive. I call the stamina zone anything from the 3-hour racing mark to 1-hour and I think that is what Mr. Shorter and others of his ilk were doing; improving stamina on a regular basis by running fast distance runs at specific efforts. Some German research has shown that the optimal aerobic endurance zone is the range of the hypothetical aerobic threshold to anaerobic threshold region. The region I call the stamina zone. For time spent in that zone, you have amazing improvements in your ability to hold pace in races. The only trouble is it is far more stressful than slower running at paces near what Jack and I say should be typical distance paces. Again, faster distance running is good, but only if it is measured into to whole cycle of training; whether weekly or longer.
I think runners can run 20% fewer miles and have even better results if they use more stamina zone training. I think though the only way to use stamina zone training effectively is to be judicious with its quantity and more importantly with its frequency. If you start doing it everyday, I guarantee that you will run into problems such as severe fatigue (due to glycogen depletion) and sore muscles. Running is abusive to the body. It isn't nearly as bad if you swim, bike, or xc ski. You have to be patient, plan well, and coodinate your training elements. Moderation, consistency, variation, and cyclical training make a big differnce in the long-term.
Yes, their is an energy continuum and the transition is non-linear.
You ask about guidelines to use when designing workouts and schedules, that is what good running books are for, like Jack's. However, you can use the following ideas when constructing your own schedules.
1) Individualize....do what you can do, not someone else.
2) Go slower for awhile until your body can handle faster.
3) Start with generalized training, go to more specific as your goal race arrives. The last 6 weeks you need to do more race specific workouts.
4) Related to point one, most of the primary workouts you do during each training period should focus on what you adapt to well. Work on your weakness prior to the last 6 weeks before you most important race.
5) Don't hammer away just because you can.
6) Enjoy your running. If you continue repeating the same workout too frequently that mentally, emotionally, you burn out your enthusiasm.
7) Simplify.
Let's use point 7 right now. If you are in doubt and are anxious about doing the wrong things, do a weekly routine something like this and you will be fine:
Monday: Long Run (20-25% of your mileage). If you are strong and adapt quickly do a portion of this run at closer to marathon race pace. If this workout compromises your Wednesday faster run, then keep the pace easier today. Do a few easy striders during (3-4 x 150m at about 3k-5k pace)
Tuesday: Easier distance run (about 10-15% of your mileage)
* Wednesday: Harder day. Hill Reps, Fartleks, Intervals, and Speed Reps, all preceded by tempo work of 15-20 minutes at about 15k race pace, give or take a little.
Thursday: Easier distance run (about 10-15% of your mileage)
Friday: Like Thursday, except do some striders during, either 4-6 x 100m at mile pace (do not sprint these) or 2-3 x 150m at slightly slower than mile race pace with jogs twice as far as the rep distance for both 100s and 150s.
* Saturday: Race, hills, fartlek, intervals, speed reps, and tempo work or any combination of the above.
Sunday: jog or run in the pool.
* = The closer you get to your key event, the more you want to simulate it. If you are running in a marathon, for example, start doing marathon, half-marathon, and LT reps in higher quantity, along with plenty of moderate distance during the workout. Every other week during the last phase of training for distance races, you still need to include a workout such as 1k reps at 5k pace. So, for a marathoner in the last 6 weeks before their event, they might do 30-45 minutes of moderate running, then 4-5 x 2 miles at half-marathon pace, followed by another 30-45 minutes of running. You can run repeat 5km reps at marathon pace or repeat miles at LT pace. It really has to fit in with what works for you and what you adapt to well. Prior to the above types of workouts, I often suggets to marathoners that they build up to a biweekly workout in which they run continuous cycles of 2 mile runs for up to 2 hours. Each cycle includes 1.5 miles of moderate paced running (about a minute over marathon pace) followed by 1/2 mile at 10k pace. If you can run this workout for 2 hours, then you are ready to tackle the half marathon reps, etc. in the last phase.