Nietzsche is culturally important, but philosophically dubious in the extreme. Some of our current cultural woes can be ascribed to the influence of his ideas. Suppose we take a look at Will to Power #534:
Das Kriterium der Wahrheit liegt in der Steigerung des Machtgefühls.
The criterion of truth resides in the heightening of the feeling of power.
A criterion of X is (i) a property or feature that all and only Xs possess which (ii) allows us to identify, detect, pick out, Xs. 'Criterion' is a term of epistemology. So one could read Nietzsche as saying that the test whereby we know that a belief is true is that it increases or enhances the feeling of power of the person who holds the belief. To employ some politically correct jargon that arguably can be traced back to Nietzsche, if a belief is 'empowering,' then it is true; and if a belief is true, then it is 'empowering.'
A second way to read the Nietzschean dictum is to take it not as offering a criterion (in the epistemological sense) of truth, but as stating what the nature of truth is. Accordingly, truth just is the property of increasing the feeling of power: to say that a belief (statement, representation, etc.) is true is just to say that it increases the feeling of power in the one who holds the belief.
Now suppose we ask a simple question. Is it true that the criterion of truth is the heightening of the feeling of power? If it is, then every truth empowers, and every belief that empowers is true. But surely not every truth empowers. You find out that you have some medical condition, hypertension, say. The truth that you have hypertension does not increase your sense of power; if anything it diminishes it. Or the report comes in that you have pancreatic cancer and will be dead in six months. I should think such news would have a depressing effect on one's vitality. And yet it is true. So some truths do not enhance the feeling of power. Nor do they enhance one's power if you care to distinguish power from the feeling of power.
On the other hand, there are empowering beliefs that are not true. Hitler's belief in his invincibility was surely empowering, but it was false as events showed. Believing that he was invincible, he undertook to do what Napoleon failed to do, subjugate the Russians. Like Napoleon, he failed, and it was all down hill from there.
One can multiply such counterexamples ad libitum. Of course, in constructing such counterexamples, I am relying on the ordinary notion of truth, as old as Aristotle, that truth implies correspondence with reality, correspondence with the way things are independently of our beliefs, desires, and feelings.
Do I beg the question against Nietzsche by recurring to the old understanding of truth? If I do, then so does Nietzsche. For what is he doing with his dictum if not telling us how it is with truth? Is he not purporting to tell us the truth (in the old sense) about truth?
What Nietzsche wants to say is that there is no truth 'in itself'; there are only various interpretations from the varying perspectives of power-hungry individuals, interpretations that serve to enhance the power of these individuals. At bottom, the world is a vast constellation of ever-changing power-centers vying with each other for dominance, and what a particular power-center calls 'true' are merely those interpretations that enhance and preserve its power. For the essence of the world is not reason or order, but blind will, will to power.
But if that is the way it is, then there is an absolute truth after all. Nietzsche never extricates himself from this contradiction. And where he fails, his followers do not succeed. We are now, as a culture, living and dying in the shadow of this contradiction, reaping the consequences of the death of God and the death of truth.

From a comment thread:
Here is an excerpt from a forthcoming article of mine to appear in a volume honoring the late David M. Armstrong, widely regarded as Australia's greatest philosopher:
II. The Truth-Maker Argument for Facts
The central and best among several arguments for facts is the Truth-Maker Argument. Take some such contingently true affirmative singular sentence as 'Al is fat.' Surely with respect to such sentences there is more to truth than the sentences that are true. There must be something external to a true sentence that grounds its being true, and this external something is not plausibly taken to be another sentence or the say-so of some person. 'Al is fat' is not just true; it is true because there is something in extralinguistic and extramental reality that 'makes' it true, something 'in virtue of which' it is true. There is this short man, Al, and the guy weighs 250 lbs. There is nothing linguistic or mental about the man or his weight. Here is the sound core, at once both ancient and perennial, of correspondence theories of truth. Our sample sentence is not just true; it is true because of the way the world outside the mind and outside the sentence is configured. The 'because' is not a causal 'because.' The question is not the empirical-causal one as to why Al is fat. He is fat because he eats too much. The question concerns the ontological ground of the truth of the sentential representation, 'Al is fat.' Since it is obvious that the sentence cannot just be true — given that it is not true in virtue of its logical form or ex vi terminorum — we must posit something external to the sentence that 'makes' it true. I don't see how this can be avoided even though I cheerfully admit that 'makes true' is not perfectly clear. That (some) truths refer us to the world as to that which makes them true is so obvious and commonsensical and indeed 'Australian' that one ought to hesitate to reject the idea because of the undeniable puzzles that it engenders. Motion is puzzling too but presumably not to be denied on the ground of its being puzzling.
Now what is the nature of this external truth-maker? If we need truth-makers it doesn't follow straightaway that we need facts. This is a further step in the argument. Truth-maker is an office. Who or what is a viable candidate? It can't be Al by himself, if Al is taken to be ontologically unstructured, an Armstrongian 'blob,' as opposed to a 'layer cake,' and it can't be fatness by itself.1 (Armstrong 1989a, 38, 58) If Al by himself were the truth-maker of 'Al is fat' then Al by himself would make true 'Al is not fat' and every sentence about Al whether true or false. If fatness by itself were the truth-maker, then fatness exemplified by some other person would be the truth-maker of 'Al is fat.' Nor can the truth-maker be the pair of the two. For it could be that Al exists and fatness exists, by being exemplified by Sal, say, but Al does not instantiate fatness. What is needed, apparently, is a proposition-like entity, the fact of Al's being fat. We need something in the world to undergird the predicative tie. So it seems we must add the category of fact to our ontology, to our categorial inventory. Veritas sequitur esse – the principle that truth follows being, that there are no truths about what lacks being or existence – is not enough. It is not enough that all truths are about existing items pace Meinong. It is not enough that 'Al' and 'fat' have worldly referents; the sentence as a whole needs a worldly referent. In many cases, though perhaps not in all, truth-makers cannot be 'things' – where a thing is either an individual or a property – or collections of same, but must be entities of a different categorial sort. Truth-making facts are therefore 'an addition to being,' not 'an ontological free lunch,' to employ a couple of signature Armstrongian phrases. For the early Armstrong at least, facts do not supervene upon their constituents. This yields the following scheme. There are particulars and there are universals. The Truth-Maker Argument, however, shows or at least supports the contention that there must also be facts: particulars-instantiating-universals.2 There are other arguments for facts, but they cannot be discussed here. And there are other candidates for the office of truth-maker such as tropes and Husserlian moments (Mulligan et al. 2009) but these other candidates cannot be discussed here either. Deeper than any particular argument for facts, or discussion of the nature of facts, lies the question whether realism about facts even makes sense. To this question we now turn.
______________
1If Al is a blob, then he lacks ontological structure; but that is not to say that he lacks spatial or temporal parts. It is obvious that he has spatial parts; it is not obvious that he has ontological 'parts.' Thin particulars, properties, and nexus count as ontological 'parts.' Layer cakes have both spatiotemporal and ontological structure.
2Are facts or states of affairs then a third category of entity in addition to particulars and universals? Armstrong fights shy of this admission: “I do not think that the recognition of states of affairs involves introducing a new entity. . . . it seems misleading to say that there are particulars, universals, and states of affairs.” (Armstrong 1978, 80) Here we begin to glimpse the internal instability of Armstrong's notion of a state of affairs. On the one hand, it is something in addition to its constituents: it does not reduce to them or supervene upon them. On the other hand, it is not a third category of entity. We shall see that this instability proves disastrous for Armstrong's ontology.