If you want a sharp, clear picture, it may not matter what shutter speed you use, as long as there is no camera shake and resulting blur. In many — if not most — picture situations, shutter speed does not really play a part. At the same time, there are a variety of shutter speeds from fast to very slow that can produce dramatic effects, if the photographer understands how to use them.
Shutter speed can be used for creative effect in a number of situations. Blur, motion, and smearing effects often depict action much better than still frozen shots. For example, a telephoto shot of a football player running down the field at a slower shutter speed will show a streaked background that gives a strong sense of motion. In this case the photographer would pan the camera and move it in sync with the football player. The slower shutter speed (say 1/30 of a second with a telephoto lens) would make the background a bit blurry while the player would appear relatively sharp against this background.
High shutter speeds can be used to create very dramatic effects, such as that of people jumping up and down with their hair flying off into the air. A fast shutter speed will freeze that hair, giving it a surreal look.
Experimenting with shutter speeds can yield a number of creative effects. However, in this case the LCD monitor cannot really provide a preview. You must take the picture first and then review it to see the effect you have captured.