This was one of the long requested features to Microsoft SkyDrive team. When you share a file in SkyDrive earlier, you will get a long link which would not even fit inside a tweet. Today, Microsoft announced a custom short URL for SkyDrive sharing links powered by Bitly, sdrv.ms. When you click get link option as above, you have an option to shorten it. Also Microsoft has added OpenGraph support to URLs so that when you paste them into places like Facebook, a thumbnail preview gets generated which makes it look cool.
Another feature power users may find it useful will be this,
Since bitly powers the shortener, you also get great power features. For example, you can add a ‘+’ to the end of any short URL to see statistics. You can also generate a QR code for that URL by appending ’.qrcode’ to that URL.
Read more on it here.