In my mind, bentonite is more of a 'specialty' clearing agent than a 'standard' clearing agent like chitosan, kieselsol, or isinglass. Bentonite principally gets rid of protein haze. Apparently proteins can be removed from your wine both during or after fermentation.
Bentonite also provides nucleation sites for the yeast. (sorry, I don't try to explain that one.)
Some Kit manufacturers used bentonite post fermentation as recently as 2002. I think it is used pre-fermentation for a couple of reasons...
1. encourages vigourous stirring of the must, as winemakers try to ensure that it is mixed well.
2. helps the yeast to circulate in the must
3. less bentonite is required because the action of the CO2 in the fermenting wine helps the bentonite to circulate. When used post fermentation it tends to sit on the bottom of the wine and may not do it's job fully without a lot of stirring.
4. a lot of bentonite post-fermentation results in a lot of sediment before bottling, and more chance of sediment getting into the bottle.
Warning: bentonite apparently de-activates enzymes, like pectic enzyme, so should not be used at the same time as pectic enzyme.
Steve