It is a very simple play that utilized by a team with a Small Forward with above average handling and passing skills and a Guard that can shoot the three comfortably.
The Washington Wizards use this play often which is designed by Coach Jordan for all-stars Caron Butler and Gilbert Arenas.
It begins with the Guard bringing the ball up and passing it to the small forward by the free throw line.
The guard then cuts on the outside towards the baseline and the other forward retracts away from the basket towards the ball handler.

Notice how the other guard and the center perform similar movement as the players executing the play. This way, you have more than one guy available to take the shot.
The ball handler moves towards the basket confusing the defense that it is an isolation play. This is when sequence 2 is executed.

The ball handler retracts away from the basket a little while the guard slips out to the three point line using a screen from the power forward to get open.

Note: Notice how the other guard and the center perform similar movement as the players executing the play. This way, you have more than one guy available to take the shot.

This confuses the defense as there are two screens set leaving two shooters open beyond the arc. It also makes the defense worry about the 4 and the 5 rolling in from their picks.

This is when you execute sequence 3.

The ball handler quickly passes the ball to the guard coming off the screen.

Now, if one side breaks down, there is always the other guard coming off the center's screen.

You can also look inside to the centre and the power forwards that could roll of the screens they set as a mismatch may have been created inside.

The key is to have a good ball handling Small Forward who has good court vision and can make the right pass.

The guard now has an open three point shot.

The forwards and the centre crash the offensive glass.

So, if you have guards who can bury the three and a point forward, this play could help you a lot.