140it is a innovative tool that shrinks your tweets by using common Internet abbreviations so that long text can still be tweeted! [Read TechCrunch Review]
Whether you can tolerate the abbreviations is your call!
This will be something quite useful for those who love to tweet/SMS in abbreviations. An example tweet that I did which was actually 175 characters and 140it shrunk it to 140:

This is how 140it reduces your text:
140it provides a bookmarklet that you can use directly from within the Twitter web page, or you can visit the 140it website and shrink your tweet there first.
A video demonstrating how to use the tool:
140it Demo from Vinicius Vacanti on Vimeo.
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