There is no operator <<= for std::ostrstream, so this fails to compile in standard C++.
In the past, <<= was occasionally overloaded by non-standard string libraries to generally mean "append to" (it lost to += by 1998). I haven't seen it overloaded for streams, but it possibly means the same. To learn what it does exactly, you'd have to examine the headers to find the definition of this operator in the codebase you're working on.
I'm also suspecting that the usage was in non-standard C++ lib that the project used in the past, the thing that surprises me is the this operator DOES compile and run in standard compiler (I'm using gcc version 4.5.2) but the output of this operator seems like binary representation for some reason...
You were right, on my side the stand-alone program doesn't work as well, after digging deep in the program code I found an include that overloads almost all primitive types in the ostrstream <<= operator, now I also know what this operator does, thank!