I usually use globals for values that are rarely changed like singletons or function pointers to functions in dynamically loaded library. Using mutable globals in multithreaded applications tends to lead to hard to track bug so I try to avoid this as a general rule.
Using a global instead of passing an argument is often faster but if you're writing a multithreaded application, which you often do nowadays, it generally doesn't work very well (you can use thread-statics but then the performance gain is questionable).
