It seems to me that this plugin uses its own database to track the shortened links. So if you remove the plugin, all your links out in the world will no longer work.
I'd rather use a services such as bitly that I'm more comfortable knowing they'll be around for a while.
There's nothing "Wrong" with how this plugin works, thus why I'm giving it a medium star rating. And it's basically how bitly will work. But I decided to use a plugin that integrates with their (bitly's) services/database instead.