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To complete it, the # indicates you have to execute it in a shell logged in as root, while $ normally is used for commands that should be run as normal user.
The shell sees one long line: "When I type something like this."
It's so you can break up long lines into multiple short lines.
&& is a logical AND. When used on the command line like you showed, its effect is to only running the 2nd command if the 1st command completes successfully.
So with that command line, emerge -u fluxbox will only be run if the emerge --sync completes successfully.
FYI, the complement of && is ||. A logical OR. It's effect is to only run the 2nd command when the 1st command fails. So you will often see it used like this: