When the clutch mechanism is engaged, the clutch disc (lined on both sides with friction material) is clamped between the pressure plate assembly and the flywheel, both of which are essentially hefty steel discs. The clutch disc is also connected to the transmission input shaft. All the power that moves the car is transmitted through the clutch assembly (flywheel, disc, and plate).
The flywheel is the rearmost moving part of the engine. It is bolted to the crankshaft and thus turns with it, rotating constantly whenever the engine is running. Its two functions are to provide a significant rotating mass to store energy and enhance smoothness (same principle as a potter’s wheel) and to provide a surface for the clutch disc engage.
The pressure plate assembly includes the plate itself, the very hefty spring mechanism which provides the clamping force, and a housing (cover) which contains the above. The housing bolts to the flywheel and always turns with it. The spring normally clamps the disc so firmly that the flywheel, disc, and plate are a unit, all rotating together.
When the clutch is disengaged (pedal down), the plate is backed away from the flywheel and the disc can spin freely between those parts. This allows having the engine running, the transmission in gear, and the car standing still. It also allows the transmission to be shifted when the car is moving, by removing the “tension” of engine power from the shafts in the tranny.
A clutch can slip for a number of reasons. The spring can get weak. The disc lining can wear so thin that the clamping force is reduced, and/or its rivets or thin metal core is touching the flywheel and/or plate. Some little part can break loose and jam the spring mechanism. The friction surface can be contaminated with oil. The driver can have his foot resting on the pedal (this is riding the clutch), reducing the clamping force.
Clutches don’t wear to speak of when they are fully engaged or fully disengaged. When they are partly engaged, they tend to slip to various degrees, and any time they’re slipping they’re wearing. Slipping is necessary to launch from a standing start, and undesirable virtually any other time as it causes unnecessary wear.
The whole point is, to get maximum wear from a clutch, don’t allow it to slip any more than absolutely necessary for smooth take-offs and shifting. It sometimes helps to treat it almost as an on/off switch. Taking ten seconds to bring the clutch pedal up when one or two seconds will do causes premature wear. Riding the clutch causes premature wear.
Jinx: Also, if you are literally riding the clutch, are you virtually coasting without the gears engaged?
No. Coasting means the clutch is fully disengaged (pedal to the floor). Riding the clutch is having one’s foot more or less resting on the pedal, which allows partial disengagement and thus slipping.