To make it more interesting, here is what the same compiler did to a slightly different code:
PINB |= (1<<7) | (1<<6);
00009A B103 IN R16,PINB
00009C 6C00 ORI R16,0xC0
00009E B903 OUT PINB,R16
PINB = (1<<7) | (1<<6);
0000A0 EC00 LDI R16,0xC0
0000A2 B903 OUT PINB,R16
Stuff like this would be a nightmare to debug. That's probably something like this is rarely seen - the authors of the arduino reference made the right call.
For the record, I always use PORTx ^= (1<<7); for something like this.