Not only will this save you a letter on all of your shortened URLs, their pledge of ethics is pretty impressive. Among the highlights: by default, clicking a v.gd link will take you to a preview page, where you can see the expanded original link (example: http://v.gd/hiCnSq). You can shut this behavior off right there, you'll note. Shoutout to them for putting web surfers in control.
[Update 2011-11-15] See my later post for an easy way to be safe with other shortened URLs.