BitField1 = 00100110
BitField2 = 00110011
((BitField1 & ~BitField2) | (BitField2 & ~BitField1)); = 00010101
So this is the long version of a common bitwise operation, what is it?
Want to understand if above bit operation is some known operation ?
This is XOR. You end up with a 1 in those bits where either BitField1, or BitField2, but not both, have a 1.
As Wikipedia says, one use is
"Assembly language programmers sometimes use XOR as a short-cut to setting the value of a register to zero. Performing XOR on a value against itself always yields zero."