I don't think one needs to believe in (literal) rebirth or a "reborn consciousness" to find value in the alaya-vijnana paradigm. For me, at least, it's a practical teaching. Cultivate the wholesome seeds, avoid cultivating the unwholesome ones. Hold the view that all seeds will come to fruition in some way or another, in present or future, "my" life or another's.
What is the mind? The mind isn't really any “thing”. Conventionally speaking, it's that which feels or senses. That which senses, receives and experiences all mental impressions is called “mind”. Right at this moment there is mind. As I am speaking to you, the mind acknowledges what I am saying. Sounds enter through the ear and you know what is being said. That which experiences this is called “mind”. This mind doesn't have any self or substance. It doesn't have any form. It just experiences mental activities, that's all! If we teach this mind to have right view, this mind won't have any problems. It will be at ease. The mind is mind. Mental objects are mental objects. Mental objects are not the mind, the mind is not mental objects. In order to clearly understand our minds and the mental objects in our minds, we say that the mind is that which receives the mental objects which pop into it. When these two things, mind and its object, come into contact with each other, they give rise to feelings. Some are good, some bad, some cold, some hot, all kinds! Without wisdom to deal with these feelings, however, the mind will be troubled. Meditation is the way of developing the mind so that it may be a base for the arising of wisdom. http://www.buddhanet.net/pdf_file/teachings_chah.pdf