Not that sick of a call, but it is a smart leverage call, its similar to investing in stocks, buying low, then when stock goes up shorting yourself, that way you guarantee yourself a profit. Same thing in Forex Market known as Triangular Arbitrage.
You limit your risk, slightly lower your return on original bet but also give yourself chance of 150% return, I don't do it as much as I should but it is a very smart move, when there is a nice middle to hit.