If you have the patience to remove the seeds, guava makes GREAT fruit leather, which is awesome in kid lunch boxes.
The recipe I use is here: http://simplyrecipes.com/recipes/how_to_make_fruit_leather/
To remove the seeds, I cook the guavas, mash them up real good, then run it through a mueli food grinder. Once you have the pulp you can make the fruit leather, or ice cream, or use it in smoothies or in muffins, pies. It's magnificent, really. Embrace the guava!
I agree with the comment about guava pulp and using it for ice-cream. Or make a fruit fool by simply stirring the cold pulp through whipped cream.
I could never be bothered with the labour intensive guava jelly process which is so wasteful and difficult to set. Instead I simply use the pulp to make guava jam. You get a much better yield. A mouli is not really necessary, the pulp will pass readily through a sieve with not too fine a mesh.
As with all fruits in glut it is a simple process to prepare the pulp and then to freeze it (in ice-cream containers) for use during the winter months - who wants to stand over a hot preserving pan in the middle of summer? During the winter use the pulp for jams or chutneys or simply add it with apples, pears or feijoas to make a crumble.
If pulping fruits - try adding the residue back into the pan, adding water and a little sugar and boil it up again to produce a refreshing cordial.