The usual way I approach the problem is by asking: what *does* change?

 * `self.atFront` is flipped: not an issue here, you can simply write `self.atFront = !self.atFront`.
 * conditions using `atFront` vs. `!atFront` (not an issue: if we factorize everything, we don't need to know what the state is: we just want to change it)
 * the string in `self.trigger`
 * `$front` vs. `$back`
 * `removeClass()` vs. `addClass()`.

Quite a lot of things change, actually! At this point, we don't know yet if avoiding duplication is worth it: it often leads to more complicated code and it can be longer, too. But let's try it. I took your code, created a `flip` function, and tried to see what could fit in it. When writing this, I realized that it was simpler to put everything in the `flip` function, so I tried it:

    var TwistPanel = Backbone.View.extend({
      initialize: function() {
        this.$front = this.$el.find('.twist-panel-side-front');
        this.$back = this.$el.find('.twist-panel-side-back');
    
        this.atFront = true;
        this.isFlipping = false;
    
        // Fix the height of the twist panel container.
        this.$el.height(this.$front.outerHeight(true));
      },
      flip: function() {
        var self = this;
        var otherSide = ... ? this.$back : this.$front;

        if (this.isFlipping) return;

        this.$el.height(otherSide.outerHeight(true));

        this.$front.afterTransition(function() {
             self.isFlipping = false;
             self.trigger('twist', otherSide.name);
        });

        this.isFlipping = true;
        if (this.$el.hasClass('twist')) {
            this.$el.removeClass('twist')) {
        } else {
            this.$el.addClass('twist');
        }
      }
    });

(I don't know about your application, but I guess `toFront` can never be called when we're already in front. If it's not true, then we need to keep `toFront` and `toBack` which will call `flip` themselves.)

At this point, I have two big issues left: I don't know how to decide what is the other side, and I don't know how to get its name (`otherSide.name`, used in the `self.trigger()` call). Since I don't know about this, I decided to resolve another issue, even if it is minor. This issue is that the `removeClass/addClass` logic looks wrong. It would probably be simpler to use something that is more than a value, and HTML5 data-* attributes are perfect for this since they are key-value and supported by jQuery. You can then replace the last five lines by this single one:

    this.$el.data('twist', otherSide.name);

`$el` will either contain `data-twist="front"` or `data-twist="back"`: you then need to change your CSS to account for this minor change. What's nice here is that it's now possible to get the string you're interested in (`front` or `back`). And it's also easy to assign `otherSide`. We'll use jQuery `data()` for this. Here's the final untested code:

    var TwistPanel = Backbone.View.extend({
      initialize: function() {
        this.$front = this.$el.find('.twist-panel-side-front');
        this.$back = this.$el.find('.twist-panel-side-back');
    
        this.isFlipping = false;
    
        // Fix the height of the twist panel container.
        this.$el.height(this.$front.outerHeight(true));
      },
      flip: function() {
        var self = this;
        var otherSide = this.$el.data('twist') === 'front' ? this.$back : this.$front;
        var otherSideName = this.$el.data('twist') === 'front' ? 'back' : 'front';

        if (this.isFlipping) return;

        this.$el.height(otherSide.outerHeight(true));

        this.$front.afterTransition(function() {
             self.isFlipping = false;
             self.trigger('twist', this.$el.data('twist'));
        });

        this.isFlipping = true;
        this.$el.data('twist', otherSideName);
      }
    });