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Without further information, it is obvious that the programmer intended ProcessCarrierAnimations() to only be called if ProcessFlyouts() returns false.
I'm with OriginalGriff on this..
ProcessCarrierAnimations() || more;
This is clearly the better way to express intent that using a bitwise OR. Unless there are tests like this all over the code done with bitwise ORs, using one here requires the next programmer to notice you did something atypical here in a fairly subtle way, which means its a maintenance hazard, which in my book is part of the definition of poor coding.
We can program with only 1's, but if all you've got are zeros, you've got nothing.
Yuck. One of my least favorite things when reading someone else's C/C++ code is when they mix logical and bit-wise operators in an expression. In this case, using a bit-wise operator on bool values just seems wrong.