Ask all the questions you need.
Collectively they are and array of literal values in binary specification, note the leading '0b'. Specifying them in binary form allows then to be visualized easier.
As to the rest of it it is very worth learning how it works.
Please see this reference page http://www.cplusplus.com/doc/tutorial/operators/ and read about
'?:' conditional operator
',' comma operator
'&' bitwise operator, specifically 'and'
'>>' bitwise operators, shift-right
'>>=' compound assignment operator
and finally this page http://www.cplusplus.com/doc/tutorial/control/ and the section "The for loop"