This sideline out of bounds play is specifically looking for a three-point shot. You might find it useful when starting a half or quarter to get your best shooter an open 3.
When the official hands the ball to O2, he looks to pass to O1 or O3 (whichever player pops out high). After passing, O2 cuts toward the baseline and uses a doublescreen set by O4 and O5 to get open for a three-point shot in the corner. While O2 is cutting, O1 is dribbling to the top and then reverses the ball to an open O2 in the corner.