I am confused. Is not $_[0] aliased to the function argument? Why using all those references and dereferences?
Moreover, running your code with N=2**29, I am still getting 
single    6.13e-03/s        --     -100%     -100%     -100%     -100%
long          2.97/s    48381%        --       -1%      -35%      -58%
translate     3.01/s    48989%        1%        --      -35%      -58%
classic       4.60/s    74981%       55%       53%        --      -36%
str           7.14/s   116486%      140%      137%       55%        --

[download]

With 2**30, it dies with 

Substitution loop at ./7.pl line 10.

[download]

Update: This is perl 5, version 16, subversion 0 (v5.16.0) built for x86_64-linux-thread-multi

لսႽ† ᥲᥒ⚪⟊Ⴙᘓᖇ Ꮅᘓᖇ⎱ Ⴙᥲ𝇋ƙᘓᖇ

In reply to Re^4: In-place bitwise NOT? by choroba
in thread In-place bitwise NOT? by BrowserUk

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