Yes. I've used that configuration before, it's a bidirectional level shifter used to interface 5V to 3.3V logic. Check the attached document.I´ve seen this used as a level shifter.
Ya, he was trying to help me; when the question came up in chat. I decided to put it here to see what the out come would be.Looks very familiar... ?
http://www.electro-tech-online.com/threads/particular-use-of-a-mosfet.145202/#post-1226697
Max.