Not really true. "-o" defines where the logfile is written to, while "-O" specifies a file to save to. So the original command save the file "http://webaddress/filename" to the local file "filename", and discards any output generated from the "wget" program itself (which would usually get sent to stderr, which will default to the terminal, as described in the link posted by red devil). You can get pretty much the same effect by using
Code:
wget http://webaddress/filename -O filename -o /dev/null
in which you have specified that logging goes to the /dev/null device (i.e. is thrown away).
Overall though, the purpose of the command is to download a file from t'internet silently, without any text being sent to a terminal.
edit: Actually, it's already "quiet" because of the "-q" option, so if successful, nothing will be displayed on the terminal. However, in the event of an error, like the url being invalid or a more serious error, the "2 > /dev/null" makes sure nothing is displayed.
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