I have read from a number of people the LF cameras have a large
advantage over other cameras because they can shift the lens and
thereby avoid perspective distortion that a camera with a fix lens
would suffer.

But with today's panoramic tools this seems like much less of an
issue.
This is what a very wide angle photos looks like without shifting the
lens in software.
http://www.pbase.com/camping05/image/51504534/large
Note how everything seems to be pointing in as you good up in the
photos.

This is the same panoramic but with shifting the center of view
http://www.pbase.com/camping05/image/51504652/large

To see a higher resolution view of either of these two photos click on
original.

Now this photos does not have the resolution of a LF camera, but then
this was made from just four photos stitched together. There is little
limit to the resolution, just add more photos. This is what 16 photos
stitched together look like.

BTW I am using PTGui to stitch the photos.

Scott