Guild Merchants sell items that are specialized to the guild they belong to. Ie: a bonecraft guild merchant will sell items that a boncrafter would use.
The prices of these items vary according to how many items the guild has. Items can be bought out and none will be available again until the next game day. This is why you will find people "camping" the guilds. You can find really good, and really bad deals (compared to the auction house and other vendors) from the guilds, so it can be a good idea to check the guild prices before splurging.
These prices are not based on fame and the guild merchants do NOT stay open all the time. Each guild has a weekly holiday during which the shop is closed for the whole day. They also open and close (opening and closing times vary according to the guild), so you have to be there at the right times to make a purchase. They also will only buy certain items - namely the ones that they themselves sell. So they are very picky buyers.
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