What a thoughtful post--that is, it really makes me think. Is consciousness of having done 'wrong' the same as guilt? Can one take responsibility for having done harm without feeling guilt? It's true that guilt is used as a control, by some cultures and belief systems. It is often cultivated by parents in their children, to elicit compliant behavior. And yet, the habit of guilt is a lifetime burden for many. It does stymie productivity.
On the whole I would say that guilt is an effective behavior control mechanism that carries with it a high cost--perhaps productive in the short term but counterproductive in the long term. This seems to be the rule for most negative behavior modification techniques.