Technet's about_Logical_Operators with respect to Windows PowerShell 4.0 states the following:
Operator     Description                        Example
--------     ------------------------------     ------------------------
-or          Logical or. TRUE when either       (1 -eq 1) -or (1 -eq 2) 
             or both statements are TRUE.       True
-xor         Logical exclusive or. TRUE         (1 -eq 1) -xor (2 -eq 2)
             only when one of the statements    False 
             is TRUE and the other is FALSE.
Neither seem to perform short-circuit evaluation.
How can I mimic the C# || or VB OrElse in Windows Powershell 4.0?