I found this service pretty useful while posting a link to a bug-report in Comments section, for example, https://pad.lv/1532508 works well in place of https://bugs.launchpad.net/ubuntu/+source/gnome-shell/+bug/1532508.
Being quite paranoid, I wouldn't click on a shortened link given that it would not be certain to where it would get me to. So given that this is a security and privacy risk I would not support it.
However it should be noted that, in terms of LaunchPad at least, there is an easy (and official) way of shortening the link. And that is just to have it as:
And just to have the bug identifiction number instead of
[bugID] at the end.
Let's see how a link like yours looks like (assuming it's the output you're worried about): pad.lv/1532508 vs. bugs.launchpad.net/ubuntu/+source/gnome-shell/+bug/1532508 – that's quite long, but the long one contains useful information: It's on launchpad, it's a bug report, it's about gnome-shell. The short one does neither. Doesn't matter at all if you use a meaningful(!) alternative title (see above)
I am against it, simply because it is not an official URL-shortener by Canonical. For two reasons, first is privacy concerns. Second is that I cannot be certain it will be up forever, and not suddenly start redirecting to spam and/or porn (which has happened to a link I posted once in a question).