Plug in is installed on 3.3.1, and the bit.ly menu in the top menu bar is missing, as are the replacement "Get Shortlink" button to the right of Permalinks.
Installed and reactivated 3 times, ensured my wp-config.php file has the right code...
Seems like half the plug-in is working, (removes WP shortlinkes), but does not activate bit.ly, or bit.ly pro.
Looking at the plugin site, it's been over a year since an update, and the WP people have been updating the menu..., latest update.
Looks like there's a compatibility problem.