How about:
bit ^= 1;
This simply XOR's the first bit with 1, which toggles it.
If you want to flip bit #N, counting from 0 on the right towards 7 on the left (for a byte), you can use this expression:
bit ^= (1 << N);
This won't disturb any other bits, but if the value is only ever going to be 0 or 1 in decimal value (ie. all other bits are 0), then the following can be used as well:
bit = 1 - bit;
Again, if there is only going to be one bit set, you can use the same value for 1 as in the first to flip bit #N:
bit = (1 << N) - bit;
Of course, at that point you're not actually doing bit-manipulation in the same sense.
The expression you have is fine as well, but again will manipulate the entire value.
Also, if you had expressed a single bit as a bool
value, you could do this:
bit = !bit;
Which toggles the value.
More of a joke:
Of course, the "enterprisey" way would be to use a lookup table:
byte[] bitTranslations = new byte[256];
bitTranslations[0] = 1;
bitTranslations[1] = 0;
bit = bitTranslations[bit];