It is an amplifying circuit called a "cathode follower." It has a low output impedance. It has low gain, often less than one. It does not invert the signal.
In the Foreplay preamps the second stage was always a cathode follower so it could "drive" cables longer than 3 feet without a frequency loss. It allows them to skip the output transformer, thus lowering the price and making the signal path purer.
However it makes Crack less than optimal driving low impedance headphones like Planar headphones and the Grado headphones.