I usually do not have difficulty to read JavaScript code but for this one I can’t figure out the logic. The code is from an exploit that has been published 4 days ago. You c
See Character encodings in HTML.
It's binary data encoded as a string, which JavaScript is decoding.
Common form of XSS also.
You can see all the encoding tricks here:
http://www.owasp.org/index.php/Category:OWASP_CAL9000_Project