Here [ is a symlink to the external program "if" (using if might invoke csh's if). The && and || operate as logical operators; if the test returns a 0 result (is true), the && is executed and the || is short-cutted. However, if the test returns 1 (is false), the && is short-cutted, but the || takes over.
Compound commands within each branch can be done as well:
However, the parens probably create a subshell, meaning the environment may not be exactly the same, and of course, it will incur and OS cost. So be careful with this.