The ! means "not" ie "is not set".
As mentioned above, a better way is to check:
if(!isset($_POST['submit']))
(assuming the form method is POST - which it should be).
This will work on any server regardless of the register globals on/off setting.
It's also slightly more secure since a hacking attempt would require some form forging rather than query string tampering. That's still perfectly possible, just requires a little bit more effort from the hacker. Any GPC input should always be regarded as suspect and dealt with accordingly.