Good summaries from Greg. I generally don't use the B channel in HSB very often, but it has some interesting characteristics. For example, adding contrast to a very dark image in HSB will bump the color saturation, similar to the composite RGB curve. But bumping the contrast of a light image in HSB mode will reduce the amount of color. Also, the brightness of RGB(100,0,0) and RGB(255,255,255) are the same in HSB, but different in Lab.
The K channel of wgCMYK or CMYK is a different animal. It provides wonderful control of shadows, and the heaviness of the K channel can be controlled by the GCR dropdown. As you increase the GCR, you get more control over the image using the K channel.
BTW, as you increase GCR, the amount of control provided by the C, M, and Y channels is reduced, which turns them into the most subtle color adjustments available in Photoshop. IOW, you can make very large moves in the CMY curves and have very subtle control over your colors.