I find it very difficult to imagine writing an erotic story that doesn't include sexual climax.

This is perhaps (as spatula pointed out) because I adore the submission to the animal impulses. I firmly believe a woman's inability to climax is almost always rooted in her mind (emotional conflict or inablility to let go, etc). When she eventually yields to her Master or tormenter, it seems climax is an inevitable outcome.

(wouldn't the story be a letdown if the yielding were only accompanied by sex that was just so-so?)

I do agree though that most women will not cum over the simple tweaking of a nipple. (I wish! )

I particularly enjoy it when the yielding is slow and the psychological content is complex.

But now that I'm really thinking about it, I can envision several story lines where an orgasm would not need to be involved. But let me ask this... were you thinking along the lines of a woman having great sex but no climax....or would it be more along the lines of her trying desperately to climax, but being denied the stimulation that she requires? Hmmm...