Although Libya does own that TLD, it's not as though bit.ly or ow.ly are Libyan sleeper cells ready to redirect our traffic at whim. The worst that could really happen is that the TLD is shut down, and none of the links work anymore. I guess theoretically Libya could put a 300-redirect on every .ly domain to forward to some propaganda page or something, but it's not like you're supporting Qaddafi by using bit.ly.