In plain English:
Whenever $b$ is a power of 2 and bigger than $x$, it is true that $P(x+b) = P(x) + 1$.
The comma-separated clause "$b=2^m > x$" is meant to communicate the first part of that, and should really introduce the variable $m$ somehow, but from context we can guess that the intent is that the equation holds if $b$ can be written as $2^m$ for any natural number $m$.
A general addendum. You will often see commas used to indicate conditions on a definition, such as below in the examples of absolute value and factorial:
$$
|x| = \begin{cases}
\phantom{-}x, & x \ge 0 \\
-x, & x < 0
\end{cases}
\qquad
n! = n \cdot (n-1)!,\; n\ge1
$$
You should imagine that the commas represent words such as "if", "for", or "where", and personally I think it's a sign of laziness not to make things more clear by including such a word.
There are other circumstances where commas make things ambiguous; for example, $0 \le x,y \le 1$ might mean "$0 \le x$ and $y \le 1$" or it might mean "$0 \le x \le 1$ and $0 \le y \le 1$". (I have been guilty of this one myself, but I have learned to avoid it.) A common piece of advice in mathematical writing is to make sure that two separate mathematical statements are separated by words, and never by punctuation alone; this avoids most of the confusion that commas can create.