Have you tried going to a post and clicking on “Get Shortlink” the shortlinks may be created by Bit.ly
I haven’t used that plugin for a while, but I don’t believe there were too many options. OR perhaps the options were in a strange location like under the tools menu.
I was having the same issue until I realized I was using the account username instead of the API username. Once I updated the wp-config with the correct info everything works fine in 3.4.2.
To get your correct bit.ly API username and API Key, go here: http://support.bitly.com/knowledgebase/articles/76785-how-do-i-find-my-api-key-
I have the same issue. Nothing showing up in toolbar.
I did have the wrong username but now changed
when I click the Get shortlink button I get a field with this URL in it
http://yoast.com/wordpress/bitly-shortlinks/configure-bitly/