Sure, it makes sense! Think about it: you are feeding the output of an inverter back to the input. So the output is 0, when presented at the input it makes the output 1, when presented at the input it makes the output 0, etc. The oscillation frequency will be related to the propagation delay from input-to-output of the inverter as well as the rise time of the input, determined by the feedback resistance and capacitance of the inverter's input.
Certain technologies (like the CD4xxx series) seem to work well with this concept, as does 74HC, but others do not and they will settle upon some intermediary steady DC value instead of oscillating.
The Gadget Shield
: accelerometer, RGB LED, IR transmit/receive, speaker, microphone, light sensor, potentiometer, pushbuttons