I'm sure Dale will precise this, but...
BaselineOf is the same as a #baseline: in a ConfigurationOf. It describes dependencies, packages and groups for a project, without versions. On loading, a BaselineOf will behave as a #development version in a ConfigurationOf which is to load the latest versions of the packages listed (and whatever dependencies listed).
BaselineOf becomes very convenient when you combine that with a repository which understand branches, such as git. Then, you say which branch or release tag you want through the repository url, say it's a baseline, and, et voil�, you have it (it loads the latest version on that branch or tag).
Repositories urls which support branches and tags are github:// and bitbucket:// urls; which support branches (and not tags) are gitfiletree:// urls.