I use the latest version of WP (3.4.2) and of Ultimate TinyMCE (3.5).
I ticked the option to see the shortcodes, and locally it worked with TinyMCE 3.4 then updated to 3.5 works too.
Online, I had 3.5 already, but the button does not show in the editor. A pity!
I added the option from Ultimate TinyMCE plugin, but that oen displays all shortcodes (not just those) but does not display the descriptions, that are very useful.
So I wonder why I can't get this option to work... Any idea?