I don't know what hiit stands for so I can't comment on that.
I really like the 30 day shred. As I understand it the idea is that you do the workout every day, staying 10 days on each level. I don't do that personally, as there is no way I would get fit enough in that short space of time. I do level 1 and level 2 depending on how I feel that particular day. I try to do L2, but some days (like today) my knees feel a bit sore and I just don't feel up for L2, so I do L1 instead.
I think the workout if you do only that and nothing else is a bit "stiffening", at least for me. I stick in a routine of pilates/yoga every so often in place of the shred.
It's not really been long enough for me to comment on results. I have lost weight since I started it, but I'm also monitoring my calories more.
I would suggest moving up in levels when you feel that the one you are on doesn't provide enough of a challenge, or if you want to try it and see and fancy a bit of a change.