I just decided to explain your obfu, so.... here it is: here is the code in a little bit nicer format with nicer variable names:

$character = "0";    #character to print

@howmany = (
    [4,2,4,2,3,3,1,4],  #layout of "0" and " "
    [1,2,1,2,1,5,1,2,1,2,1,4],
    [4,2,4,2,3,3,1,4],
    [1,5,1,5,1,1,1,3,1,4],
    [1,5,4,2,1,2,1,2,4,1]
);

for ( 0 .. $#howmany ) {  # loop through @howmany

    foreach ( @{ $howmany[$_] } ) {  # loop through the arrays of @how
+many

        for ( 1 .. $_ ) {  # print $character the number of times spec
+ified by the item of an array of @howmany
            print $character;
        }

        if ($character =~ /^0$/) {  #switch $character from "0" to " "
            $character = " ";
        } else {
            $character = "0";
        }

    }
    print "\n";
}
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each array in @ howmany is the sequence of "0" and " " used to make the out put "PERL", ie. since the first line is

0000__0000__000___0____

note "_" eq " "
since there are four "0", two " ", four "0", two " ", three "0", three " ", one "0", and four " ", you get the array:

 4,2,4,2,3,3,1,4 

. Etc. etc. The loops go through each array of @howmany, printing the value of $character, which changes after every item in the array of @howmany from "0" to " " using the if statement.