URL shorteners (such as bit.ly and tinyurl) have been called the "herpes of the web". Beyond just link-rot, a public shortening service is per se an open redirect vulnerability. Their ubiquity makes them an easy vector for spammers, phishers, and cross-site forgery attacks.
Joshua Schachter writes:
With a shortening service, you're adding something that acts like a third DNS resolver, except one that is assembled out of unvetted PHP and MySQL, without the benevolent oversight of luminaries like Dan Kaminsky and St. Postel.
Luckily, you don't have to contribute to this scourge.