Here's the bet:
Before the come out roll, bet $10 on the pass line and $6 each on the 6 and 8.
I'll admit when I first read his strategy I felt like P. Weebrane, not really grasping exactly what this hedge did nor why I would want to play it. After all, I'm strictly a $5 better and this bet required me to have $22 on the table. But when I thought through the possible outcomes it dawned on me that this play greatly advantaged the player utilizing this hedge. Let's go through the possible outcomes.
My first thought was it negates the advantage the player has going for him with having the 7 on his side on the come out roll (6 ways to roll a 7). So let's say a 7 is rolled. He wins $10 for his pass line bet but loses $12 from his place bets for a net loss of $2. What's good about that? Let's work through the rest of the possibilities and you will see.
Let's say the shooter doesn't roll the most common number (the 7) but rather he rolls the second most common number, a 6 (or 8). There are 5 ways to roll a 6 (or 8). By placing both the 6 AND 8, and with 5 ways to roll a 6 AND 5 ways to roll an 8 means there are a total of 10 ways to win versus the 6 ways to win with a single bet on the pass line and hoping for a 7. Add the 2 ways to roll an 11 and you have increased the ways you can win on the come out roll from 8 ways to 12. To put it another way, you are risking $2 to win $7, a far superior bet than an even-money pass line bet.