You guys are forgetting that the colon is also used in the ternary operator (though I don't know if jquery uses it for this purpose).
the ternary operator is an expression form (expressions return a value) of an if/then statement. it's used like this:
var result = (condition) ? (value1) : (value2) ;
A ternary operator could also be used to produce side effects just like if/then, but this is profoundly bad practice.