Yes, but this is the shortest url I've seen. If every character counts, this is the url shortener to use.
Plus, they can't keep it this short for long. They can only shorten 3,844 URLs before they get up to 8 characters, and only 238,328 before they get up to 9, at which point it's only 3 characters shorter than j.mp. Getting popular will actually hurt their advantage.