No, it is not SQLyog-specific. It is a MySQL extension to standard SQL comment syntax.
read
/*!40101 … */
as
” this is a comment if the MySQL server is not version 4.1.1 or higher “
That means that mysql versions lower than 4.1.1 will treat it as a comment, versions higher will execute what is inside.
Also non-MySQL databases will treat it as a comment! It is used for 'pseudo-commenting' MySQL specific and version-specific syntax.
The ” ! ” is commonly used in C-style programming languages meaning 'NOT'
You can search the MySQL documentation for 'comments' …