Analyze the following hypothetical sorting algorithm logic: 'Iterate through the list, but for every element found out of order, recursively sort the sub-list defined by the nearest previous sorted element and the current index, then merge.' 1) Determine the worst-case time complexity. 2) Determine the best-case time complexity. 3) Analyze the space complexity requirements. 4) Compare its efficiency against Merge Sort and Quick Sort when applied to nearly-sorted data versus reverse-ordered data.