I have to think before replying in full
I am not good at this but it looks to like an easy way to see if different bits are true at the same time, not one individual bit state.
Lets say B42/1, 2, 3, 4 are bits directly corresponding to real world devices...ie pbs, switches etc. Instead of doing B42/1 AND B42/2 AND B42/3 you could use the MEQ to know when that has happened. Somewhere else you may want to know if B42/1, 5, 6, and 7 are true at the same time, then you would use a different mask.
I think the confusion comes from using the N file for the Mask, it implies that you are dealing with integers which may not be the case.