I love clutches. It makes me feel Carrie-esque from Sex and the City. Although the amount of crap you can put in it is so limited that sometimes, it just isn't quite practical. But I still love them.
My latest is from Lauren Merkin - I saw it on HauteLook and was captivated. The adjustable chain was a welcomed surprise when I got it in the mail.
So it can be either a clutch, or a shoulder bag, or a cross-body. It's better than Superman, who only has 1 alter ego.