Code is really not doing anything, it would be equivalent (in output that is) to he following code with some sort of optimization.

unsigned short data[8] = {0, 0, 0, 0, 0, 0, 0, 0};

for(int i=0;i<8;i++) {

   data[i] += 0xff1;

}

for(int i=0;i<8;i++) {

   data[i] += 1;

}

data[0] = 0x7fff;

data[0] += 1;

data[0] += 1;

And so on.

So yea, nothing special.