Yup!
The "glue" on the tape fills in the little spaces that make the glass appear "frosted." (Note that this only works with glass frosted on the one side, and it makes it see-through from BOTH sides....)
Oh, and you know that you can see IN through those little peepholes on hotel room doors with the right ($5 worth of) equipment, too....
Privacy? PRIVACY?!?! We don' need no steekin' PRIVACY!