It's commonly referred to as 'shorthand' or the Ternary Operator.
$test = isset($_GET['something']) ? $_GET['something'] : '';
means
if(isset($_GET['something'])) {
$test = $_GET['something'];
} else {
$test = '';
}
To break it down:
$test = ... // assign variable
isset(...) // test
? ... // if test is true, do ... (equivalent to if)
: ... // otherwise... (equivalent to else)
Or...
// test --v
if(isset(...)) { // if test is true, do ... (equivalent to ?)
$test = // assign variable
} else { // otherwise... (equivalent to :)