I'd say try to show the most important elements of your URL's. The file being requested and the domain of the request are what's important. The rest isn't for visible purposes.

Let's say you have http://DesignReviver[dot]com/archives/2010/01/28/example.php, this could be truncated to be displayed as: http://DesignReviver[dot]com/example.php

In the end, strive to truncate the "less" needed visible portion of the URL to a much lower number of characters.