I found this at Wired, a site/tool that allows you to enter in a long URL like http://www.wired.com/news/business/0,1367,62637,00.html?tw=wn_tophead_2 and convert it to a shorter URL like http://tinyurl.com/yuq6b.
You simply go to http://tinyurl.com/, enter the URL you would like to make shorter and click go. It will then create a URL that can fit in emails without wrapping and when triggered it will redirect the user to the correct page. See above example...
Think this helps their PageRank? :)