In C, a->b is precisely equivalent to (*a).b. The "arrow" notation was introduced as a convenience; accessing a member of a struct via a pointer was fairly common and the arrow notation is easier to write/type, and generally considered more readable as well.
C++ adds another wrinkle as well though: operator-> can be overloaded for a struct/class. Although fairly unusual otherwise, doing so is common (nearly required) for smart pointer classes.
That's not really unusual in itself: C++ allows the vast majority of operators to be overloaded (although some almost never should be, such as operator&&, operator|| and operator,).
What is unusual is how an overloaded operator-> is interpreted. First, although a->b looks like -> is a binary operator, when you overload it in C++, it's treated as a unary operator, so the correct signature is T::operator(), not T::operator(U) or something on that order.
The result is interpreted somewhat unusually as well. Assuming foo is an object of some type that overloads operator->, foo->bar is interpreted as meaning (f.operator->())->bar. That, in turn, restricts the return type of an overloaded operator->. Specifically, it must return either an instance of another class that also overloads operator-> (or a reference to such an object) or else it must return a pointer.
In the former case, a simple-looking foo->bar could actually mean "chasing" through an entire (arbitrarily long) chain of instances of objects, each of which overloads operator->, until one is finally reached that can refer to a member named bar. For an (admittedly extreme) example, consider this:
#include <iostream>
class int_proxy {
    int val;
public:
    int_proxy(): val(0) {}
    int_proxy &operator=(int n) { 
        std::cout<<"int_proxy::operator= called\n";
        val=n; 
        return *this; 
    }
};
struct fubar {
    int_proxy bar;
} instance;
struct h {
    fubar *operator->() {
        std::cout<<"used h::operator->\n";
        return &instance;
    }
};
struct g {
    h operator->() {
        std::cout<<"used g::operator->\n";
        return h();   
    }
};
struct f {
    g operator->() { 
        std::cout<<"Used f::operator->\n";
        return g();
    }
};
int main() {
    f foo;
    foo->bar=1;
}
Even though foo->bar=1; looks like a simple assignment to a member via a pointer, this program actually produces the following output:
Used f::operator->
used g::operator->
used h::operator->
int_proxy::operator= called
Clearly, in this case foo->bar is not (even close to) equivalent to a simple (*foo).bar. As is obvious from the output, the compiler generates "hidden" code to walk through the whole series of overloaded -> operators in various classes to get from foo to (a pointer to) something that has a member named bar (which in this case is also a type that overloads operator=, so we can see output from the assignment as well).