Guided Reading focuses mostly on comprehension. I haven't gotten brave enough to try book clubs or 3 ring circus, but here are some of the kinds of things I have done in this block: 

We read the story Whose Mouse are You? by Robert Krauss. After doing picture walk the first day, predicting what would happen in our journals, we read the story using shared reading. Then we talked about our predictions and what actually happened in the story. The next day we read the story again. This time we talked about problems and solutions. I made out a chart that said

Mother

Father

Sister

Brother 

I put them in partners to figure out what each person's problem was and how it got solved. The next day we talked about main idea. We discussed how the main idea is what the whole story is about, not just a small part. We talked about the main ideas of several books we had read before. Then we read the story again and decided what the main idea of the story was. 

This week we read The Itsy Bitsy Spider (in our basals). Yesterday we just did a quick picture walk and sang the song. Then we "sang" the story and talked about the plot, what happened in the story. Today we read the story again and I had picture cards of several scenes in the book (they were in Mailbox Magazine). Each child got a copy of the pictures and made a book of their own. They are such good artists that I gave them the option to use the cards or draw their own pictures. We talked about how an author decides about the story. Many changed the plot, and some wanted to write about a different topic. I told them they were the author and that was up to them. 

We have filled in graphic organizers, worked as pairs to find rhyming words in the story, and divided a story into parts and performed the story in small groups. To me, the importance of this block is reading for enjoyment and comprehension. I have also had a hard time with this block, because I was trying to do too much. If the other 3 blocks are up and running, Guided Reading should fit its purpose in the framework. I hope this helps you!