Basic Programming Question

Does this make any sense to you?

const byte buttonPin =  2;    // the number of the pushbutton pin
const byte ledPin    =  13;  // the number of the LED pin

boolean flag = true;

// variables will change:
int buttonState = 0;         // variable for reading the pushbutton status

void setup()
{
  // initialize the LED pin as an output:
  pinMode(ledPin, OUTPUT);
  // initialize the pushbutton pin as an input:
  pinMode(buttonPin, INPUT);

} //END of setup()

void loop()
{
  // read the state of the pushbutton value:
  buttonState = digitalRead(buttonPin);

  // check if the pushbutton is pressed.
  // if it is, the buttonState is HIGH:
  if (flag == true && buttonState == HIGH)
  {
    delay(16);
    // turn LED on:
    digitalWrite(ledPin, LOW);
    delay(16);
    digitalWrite(ledPin, HIGH);
    delay(16);
    digitalWrite(ledPin, LOW);

    flag = false;
  }

  if (flag == false && buttonState == LOW)
  {
    flag = true;
    digitalWrite(ledPin, LOW);
  }


} //END of loop()