Its not a zend convention. Its a PHP syntax.
$this refers to current obj.
Using -> operator you can access its properties or methods.
Does the code sample really mean execute "setNoRender" method from
viewRenderer object from _helper object from zend_Controller_Action
object?
Yes you are correct.
$this->_helper->viewRenderer->setNoRender();
This will disable the view, it is very useful when you using an ajax request.
FYI: Zend Controller action
The primary reasons to disable the ViewRenderer are if you simply do
not need a view object or if you are not rendering via view scripts
(for instance, when using an action controller to serve web service
protocols such as SOAP, XML-RPC, or REST). In most cases, you will
never need to globally disable the ViewRenderer, only selectively
within individual controllers or actions.