Wikipedia, the one true source of knowledge, states:
On most older microprocessors, bitwise
operations are slightly faster than
addition and subtraction operations
and usually significantly faster than
multiplication and division
operations. On modern architectures,
this is not the case: bitwise
operations are generally the same
speed as addition (though still faster
than multiplication).
Is there a practical reason to learn bitwise operation hacks or it is now just something you learn for theory and curiosity?
Bitwise operations are worth studying because they have many applications. It is not their main use to substitute arithmetic operations. Cryptography, computer graphics, hash functions, compression algorithms, and network protocols are just some examples where bitwise operations are extremely useful.
The lines you quoted from the Wikipedia article just tried to give some clues about the speed of bitwise operations. Unfortunately the article fails to provide some good examples of applications.