URLs should be displayed for sure, but inline is far too disruptive to smooth reading. I think it would be better done "reference style" if possible. Something similar to how it is done in markdown would be nice:
I get 10 times more traffic from [Google][1] than from [Yahoo][2] or [MSN][3].
[1]: http://google.com/ "Google"
[2]: http://search.yahoo.com/ "Yahoo Search"
[3]: http://search.msn.com/ "MSN Search"