Yes, inconsistent, uneven, and with 35mm especially streaking, but this is up to you (some say that using a plastic reel and tank makes thing worst, this may be true). Many people swear by it, but I also like other developers better than Rodinal for stand.
On your second question, stand development is really for one specific type of tonal scene. (But now, especially with roll film users, they use it as a general development technique. So I'm not sure what they are trying to get from it.) It is actually for scenes that have a very large difference between the darkest and the brightest parts of the scene. The exhaustion that you speak of only takes place in the highlighted areas (this is from developer exhaustion by the amount of developer available and lack of agitation which keeps fresh developer from getting to the highlights). Therefore, you compress the tonal difference between the brightest and the darkest, but at the expense of the highlights only. As for bringing out shadow detail; shadows are developed fully very quickly so you can't get more shadow by doing stand. This is only accomplished by lowering your effective film speed; called the EI.