If anyone wrote something like that in a program I was responsible for, they would get to re-write and/or explain very clearly in comments what they were doing and *WHY* they had to do it in such a non-obvious manner.
Yes, I can understand exactly what it is doing, but I can't think of a good reason to do it that way. 25 years ago, there was reason to write that way. I did similar things, myself, then. Today, memory is cheap, and there is no reason to not write clear, understandable code.