[ishkey]

a viable solution to mask those long link names which look like you are being scammed (avg viewer) I don't subscribe to the links being hijacked and lost revenue theory.

I do believe to be safe you need to put redirect.php into it's own password protected directory and set your .htaccess file as to not allowing viewing or indexing if you do not want be penalized by all the search engines.
If you think about it you could do away with the php file and just load it up into the .htaccess file using wildcards

RewriteEngine On
RewriteRule go/(.*)/$ /go/index.php?title=$1 [L]

or specify each one

RewriteEngine On
RewriteRule go/bmcoll/$ http://www.www.bmcoll.com/affiliates.php?id=2039 [L]
RewriteRule go/snoops/$ http://www.snoops.com/?id=343932 [L]
RewriteRule go/google/$ http://www.www.google.com/refer.php?pub=10943 [L]

I would also be concerned with some sorta of counting included in the script to see the click through rate.