It's Pretty neat, it didn't take much time at all. It's very quick to add new URLs through the web admin interface, a bookmarklet or the API. You also get analytics on any clicks. There's also a WordPress plugin that automatically creates a short url for all new posts.
Check out http://natejon.es/r/yourls for more info.
Let me know if you would be interested in a walkthrough/tutorial and I would be happy to post one.
One benefit I didn't realize until is was finished... If you setup the shortener on a subdirectory of your site, it's really nice when you're adding links.
Feels so much better than typing: