> With TCO mutually recursive functions do not consume the stack. The same is
> true for well constructed lazy sequences.

If the functions were: 
(defn f [x] (g x))
(defn g [x] (f x))

They would operate in constant space with tail-call optimization.

(defn f [x] (cons x (g x)))
(defn g [x] (cons x (f x)))

Will run out of memory even in languages that support
tail call optimization. 
(assuming we're evaluating them eagerly)

Lazy-seq's are often handy in Clojure to subvert the stack limit imposed
by the the JVM, but it's not quite the same problem that TCO solves.

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