I think it's a macro to set a bit at the specified address? Or to create a variable that represents a bit at a specific location?
Something like that. I don't think that's Arduino code though - googling the line turned it up only in code for 8051 series microcontrollers. Context suggests that it's for things like setting a single bit in an 8 bit register, which is consistent with my intuition.
IAR Embedded Workbench (Products | IAR) uses that kind of syntax.
__bit: “The __bit memory attribute overrides the default storage of variables given by the selected data model and places individual variables and constants in bit addressable memory. You cannot create a pointer to bit memory.”
__no_init: not initialized at startup
volatile: (standard C/C++) the value can change any time and must be loaded from memory every time it is used
boolean name: type and variable name as usual
@ (addr+bit): variable is located at given address