That's a big maybe. I'd wager that a small percentage of the people who use bit.ly to shorten links are actually using the metrics. And I agree that bit.ly could probably be cloned trivially. There's no network effect, so there's no real reason to use bit.ly over any other service.
Growing 10% per week. So there's SOME network effect. ;-) They aren't buying adwords!
I think the play is in the aggregate data... i.e. take the most linked to stuff, toss it on a page, and you have Digg without the voting (good content theoretically bubbling up).
All that said, I'm not a huge fan of the investment-- certainly could be big, but it's fairly challenging to imagine it as huge.
