Because if you close the lid without AC and didn't have a monitor attached (external monitor is not required to go into closed lid mode, though obviously you couldn't see anything), you'd never know what the battery level was. The AC requirement is to make sure your battery doesn't die. And if you are giving a presentation, why in the world would you need closed lid mode? It's much better in a presentation to not keep turning and looking at the screen.
Steve
edit: OK, so this is wrong and I just confirmed it. You do need the external display attached. In that case, I'm not really sure why you need AC.