This looks like an adoption of the "Float Nearly Everything" (fne) method: http://orderedlist.com/blog/articles/clearing-floats-the-fne-method/ (October 2004)
The reason why someone would want to do this is to contain their floats without having to clear
them. Floating an element introduces a new Block Formatting Context, and thus will contain any descendant floating elements. Read: https://developer.mozilla.org/en-US/docs/Web/CSS/Block_formatting_context and How does the CSS Block Formatting Context work?
I would recommend avoiding floating something that you don't specifically want to position next to something else, and seek a different method for containing floats, of which there are several.
Check out this article for a few of the best options (i have seen so far): http://colinaarts.com/articles/float-containment/
Excerpt from the article mentioned above:
#foo {
overflow: hidden; /* For modern browsers and IE7 */
display: inline-block; /* For IE6 */
}
#foo { display: block; } /* For IE6 */