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sub using_str_bit_ops_and_s {
   my ($s1, $s2) = @_;
   (my $mask = $s1) =~ tr/\x00/\xFF/c;
   return ($s1 & $mask) | ($s2 & ~$mask);
}

sub using_str_bit_xor {
   my ($s1, $s2) = @_;
   (my $mask = $s1) =~ tr/\x00/\xFF/c;
   return (($s1 ^ $s2) & $mask ) ^ $s2;
}

my $x = pack 'C*', map int rand(256), 1 .. 64*1024;
my $y = pack 'C*', map int rand(256), 1 .. 64*1024;
...
  using_str_bit_ops_and_s => sub{ my $r = using_str_bit_ops_and_s($x, 
+$y) },
  using_str_bit_xor=> sub{ my $r = using_str_bit_xor($x, $y) },
};

                         Rate using_str_bit_ops_and_s       using_str_
+bit_xor
using_str_bit_ops_and_s 686/s                      --                 
+   -16%
using_str_bit_xor       821/s                     20%                 
+     --