That isn't exclusively HTML code. It's HTML code and what looks like PHP. In any event, in the first line, the option is the default option if submitExpressionForm.project and val.projectId are identical. This will render in the browser as:
<option selected value="<c:out value="something"/>">
<c:out value="something"/>
</option>
or
<option value="<c:out value="something"/>">
<c:out value="something"/>
</option>
Depending on whether those two variables are equivalent. Long-story short, this populates an item in a pull-down menu (like this:
) and sets it to the default selection in certain conditions. Of course, it will not actually say "something" - it will be whatever the contents of the val.projectId variable are.
In this code, php is using curly braces to do substitution and the terenary operator to do a if/then statement.