Precisely how effective a fan like that would be would depend on things like how powerful the blades are and how large the room is. That being said, the general idea is solid.
The velocity field of the air in an open space (like a room) is a continuous vector field. This implies that your fan would circulate the air throughout the entire room - though the circulation may only be significant near the fan if the room is particularly large or the fan is particularly weak.
More importantly, a fan like that allows air to be continuously exchanged between the inside and the outside. Have you ever tried to put a one-way fan in your window while the door to the room was closed? The fan tries to blow air into the room, but because the air has no easy way to escape, it simply increases the air pressure which fights the additional flow of outside air into the room. Try it, and watch what happens when you open the door - suddenly the air can escape, and the blast of external air will be remarkably noticeable.
If you don't want to open your door every time the fan is on, a dual intake fan will be vastly more effective than the alternative.