Thanks for submitting this, John, you beat me to it!
I was with some friends from Twilio at a hackathon one night back in January, and we were all lamenting how hard it was to share a URL with other people at the table w/o knowing everyone's email/IM/etc... and bit.ly links are impossible to pronounce correctly. Someone came up with the idea of sharing a plain english word as the short url key. So, 9 months later I whipped it up. Hopefully a few people find it useful :)
EDIT: I should add that adding + to the end of the key will show you a preview page like bitly links.