I was browsing a worpress site, and spotted this line
<?php if ( function_exists('dynamic_sidebar') && dynamic_sidebar(1) ) : else : ?>
<li id="recent-posts">
<ul>
<?php get_archives('postbypost', 5); ?>
<ul>
</li>
<?php endif; ?>
What do the colon before and after else do exactly?? How does this thing work?