Shift lenses help you avoid getting your own reflection in shots of reflective materials
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"Rise" and "Fall" are two components of shift that are most useful - particularly in architectural work.
As for the 360 degree rotation, the only advantage I can see for that is that it would add a little convenience to those who always like to have the aperture and shutter speed settings facing in a particular direction, irrespective of how the camera body is oriented.
If you already have the Hasselblad lenses, the adapter is probably cheaper than a Nikon Tilt/Shift lens, but it lacks a Tilt capability, so it won't be as useful as a Tilt/Shift lens.