This device is not really working using the principles referenced in the other SE article. In this case the air inside the hut is being heated by the sun and this is really about improving ventilation and letting that heated air out.
I think, however, it would perform worse than a fully open window from a heat transfer point of view, however, it would also act as a screen for privacy/exclusion reasons.
I also have doubts it works much better with the bottles than without them (ie. just a series of holes). The article mentions the bottles are used to funnel cold air in but holes would allow that too. Also, the bottles would cause more interference with the drawing out of hot air if the wind is blowing parallel to the wall than simple holes would.
TL:DR It would certainly help cool the air inside, but I think simpler methods would work better.
EDIT: Apparently this question has appeared on multiple SE see: Physics.SE and Skeptics.SE