This is a if-else-construction:
ledState = ledState == HIGH ? LOW : HIGH;
In words: is ledState HIGH ? then the result is LOW else the result is HIGH.
In this case the result goes into the ledState variable.
It is the same as this:
if( ledState == HIGH)
ledState = LOW;
else
ledstate = HIGH;
But you need the ? and the :
Use a normal if-else if it looks weird.