33x9.50x15 You Say?

[alice@domain.elided]

Folks,
I spoke yesterday with a guy who suggested that instead of swapping 
to 16 inch wheels, I consider keeping my 15 inchers and getting tires 
sized "33/9.50/15".  Does this make sense?  Is "33" the overall 
height and "9.50" the overall width?  He suggested this size as 
equivalent to a 7.50x16 inch tire.  Did I mis-hear the tire size?  
How would these two different sizes handle on and off road?
Mark