This is a slick transition to the X-Guard from the B-Fly Guard. In the video Eddie Bravo goes over the transition a number of times in depth.
He starts out by explaining how he's really liking Double Underhooks from the B-Fly Guard. He shows how from that position it is really easy to transition to Half Guard, Full Guard or the X-Guard.
Once the X is on you can easily sweep your opponent to get the top position as Eddie shows in the video. You can also transition to lower half positional fighting if leg locks are your money subs.