ALTER TABLE RENAME RENAME RENAME

Here’s a nice challenge for you. What does the following do (or error out on?):

CREATE TABLE t1 (a int);
CREATE TABLE t2 (b int);
ALTER TABLE t1 RENAME t3, RENAME t2, RENAME t4;

I’d be interested to know what a) you think it does and then b) if you were surprised when you went and typed it into your RDBMS of choice.