This is a classic example of
(a) Why C is a bad language.
(b) Why C is a good language.
If you haven't seen this before, you're probably still pretty newbish to the language.
As for
>>19, Most modern compilers will produce code that is at least as fast, if not faster, from more readable code. That's the way the optimizations are tuned. I recall, a few years ago, a prof I was TAing for using this as an example for his class to show how premature optimization can bite you in the ass. He wrote and instrumented two string copies, this obfuscated one and a much more mundane, readable version. He ran them both in class, for the class, and showed the class the performance numbers. The readable version was faster.
Why? Who knows. Could be instruction cache misses, misaligned CPU cache lines, or any one of a hundred other things. The point is, you can't know until you measure.
So never forget: Terseness != Optimized for Speed. There are waaaaay too many things going on in the background to make a snap judgement like that without measuring.