Engineers at Google said that they had released a URL shortener that transforms very very long URLs into very short ones indeed.
The trouble, of course, is that bit.ly and TinyURL have been doing that for quite a while.
Google will offer the service as part of its Toolbar and FeedBurner but it didn't take bit.ly long to react.
Bit.ly didn't let sleeping dogs lie for long - it introduced a professional version of its product to let customers use short domain names for their sites.
Bit.ly Pro is free but that may not stay the case for long. And Google said that if people like its service, it may spread it around to a wider audience. Google's announcement is here (long version URL).