If you use the || and && forms, rather than the | and & forms of these operators, Java will not bother to evaluate the right-hand operand alone.
It’s a matter of if you want to short-circuit the evaluation or not — most of the time you want to.
A good way to illustrate the benefits of short-circuiting would be to consider the following example.
Boolean b = true;
if(b || foo.timeConsumingCall())
{
//we entered without calling timeConsumingCall()
}
Another benefit, as Jeremy and Peter mentioned, for short-circuiting is the null reference check:
if(string != null && string.isEmpty())
{
//we check for string being null before calling isEmpty()
}