Ah, I just wrote a blog post about this idiom in javascript:
http://www.mcphersonindustries.com/
Basically it's testing to see that $framecharset exists, and then tries to assign it to $frame['charset'] if it is non-null.
The way it works is that interpreters are lazy. Both sides of an && statement need to be true to continue. When it encounters a false value followed by &&, it stops. It doesn't continue evaluating (so in this case the assignment won't occur if $framecharset is false or null).
Some people will even put the more "expensive" half of a boolean expression after the &&, so that if the first condition isn't true, then the expensive bit won't ever be processed. It's arguable how much this actually might save, but it uses the same principle.