Pair programming provides benefits like faster development, better code design, reduced bugs, peer reviewed code, and solving tougher tasks faster. Guidelines for effective pair programming include sharing all contributions, taking turns driving and reviewing, maintaining a positive attitude, taking breaks, and leveraging the power of two brains working together. Certain situations like trivial work, inexperience gaps, or personal conflicts make pair programming less effective. The Pair Hero game aims to gamify pair programming and encourage quick switching of drivers through a points system.