Ls -f (just curious)

I'm just curious what's the significants of the order the files get listed in when you use the -f option with ls?

(I know the manual says this option means "do not sort" but the files are listed in some order.)

The list of files is stored on the hard drive somewhere (after all, somebody has to know what's inside a directory). -f means ls won't sort that list. For all intents and purposes the files are in an arbitrary and random order.