As far we have seen, Orkut is taking hints from various social networking sites like Facebook to develop its features. Recently Facebook introduced an username or short link called Facebook vanity URL for everyone. So when Orkut is going to give usernames to profiles and communities to get short links?
Actually Orkut has not declared anything about such feature officially but to start such service they need not to develop anything. They have given such feature to some special communities previously, so I believe they have the script.
You can check at the time of roadies Google had a deal with MTV to promote the reality show on Orkut. They had given them a short username on Orkut.
Check out this short url of orkut : http://www.orkut.co.in/mtvroadies
Hope they start this service for all normal users and communities and of course that will Orkut too !