iframe busters are intended to break a webpage out of an iframe inside another page.
e.g. if I had an iframe in this answer with your site inside it, the role of an iframe buster on your site would be to bust your site out of my iframe and prevent me from using iframes to show your website
This is similar to frame busters, where a website may be encased in a frameset with a second frame up top with a digg bar or advertisement having been linked form a separate site. In this case, a frame buster would force the browser to display the website and only the website as intended by the author, rather than in a frame with potential advertisement or malware bundled in another frame.
In the provided example, the JavaScript is used to insert a script tag to a second JavaScript file which performs the actual frame busting. The JavaScript used in the html file linked simply obfuscates this process while loading different urls for different advertisements, each with different iframe html to insert.
The lengths gone to are likely to be a factor of a cat and mouse chase, as is common with frame busting techniques, where sites have written scripts to bust out of frames, and the companies responsible for framing the sites have written anti-frame busting scripts, so anti-anti-frame busting scripts have been written.