Services like Bit.ly and Tinyurl are extremely popular for shortening long links — so popular that Facebook and Google have launched their own versions. Facebook’s Fb.me and Google URL Shortener are vying to become the king of the…uh…shorties.

With millions of links served up by Facebook, MySpace, Twitter, and plain old email, this should be one extremely competitive race. Even though these two new services are starting (relatively) small, the incumbents should be afraid…very afraid.