ReadWriteWeb has an interesting posting about it here. "A little startup called Bit.ly has unseated TinyURL as the default link shortening service on Twitter. This isn't just about shortening links, though. "The truth about Bit.ly," enterprise software analyst James Governor said today, "is that it's not a URL shortener, it's a trend management and metrics platform."
This is Bit.ly's link to the California School Libraries Work! wiki