Before few days Google Started Releasing Custom URL's (Vanity) For Many Business Pages En-masse on the side of all the exciting update announcements. From what I've seen they're releasing more of them to Pages first & Profiles are said to be on the way. But if you read the terms of service, Google says for now these URLs are free, but Google may charge for them in the future. If you read the terms or service. You can read what Google is saying…
What's really messed up is the fact the after offering these vanity urls Google may charge to keep them. Who knows, I can't imagine they will. I think Google could charge a fee for custom business URLs but not for custom personal URLs. It wouldn't have to be all or nothing. Stay tuned for more updates.