No. ~0 has type signed int, which on a one's complement machine is a negative zero. Converting this to an unsigned type yields zero. On a sign-magnitude machine, ~0 is -0x7fffffff (assuming 32-bit for simplicity). Conversion to unsigned 32-bit is done by adding 0x100000000, yielding 0x80000001, again not what was desired. If the variable being assigned to has a width different from that of int, things get even more interesting.
As far as I know analog devices still makes some ones-complement Analog to Digital Converters. But I don't know of any modern processor that uses them.
That will only set as many bits as are in an int, which is wrong if the type of the variable you are setting is wider than int. For a long, you could of course use ~0ul, and so on for other types, but then you'd have to find and update every such assignment if the variable were ever changed to a wider type.
