Nope, in that case prefs will be an instance of an object. The return type will be an NSString *, since that's what stringWithFormat: takes. If it's part of a wider example then look for a declaration of the 'prefs' object. If it's just a throwaway line then you'll have to trust me for now. Rest assured: [object message] always sends that message to that object. The return type is defined by the message declaration and is assumed to be 'id' if the declaration can't be found.
It's not a particularly safe bit of code, by the way. If the result of [prefs format] contains any formatting characters then NSString will attempt to access things on the call stack that aren't there.