What are Hall sensors used for in a brushless DC motor?
The Hall effect sensors provide a positive indication of rotor position (it has the magnets on it for your type of motor). This allows the 3-phase coils to be driven appropriately (commutated) in sequence depending on rotor position. 
You could read this for some help.

Sensors add capability for both higher starting torque (much higher) and higher RPM.

In a sensorless 3-phase motor the torque at zero speed (high slip speed compared to rotor position) is much less than with a sensored motor (commutated in sequence with rotor). This is the main benefit for sensored drives but the controllers are specifically designed to support sensed commutation.

If you use the sensored motor then you can detect 6 states (with 3 sensors) and so could use them as a crude 60 degree encoder. You'd have to generate the position signal with an MCU unless your controller provided outputs. 

Here's a paper discussing high resolution rotor position sensing using Hall effect sensors if you are willing to do some DSP work.

Whether you buy sensored or sensorless BLDC motors they can be driven CW or CCW.