It depends. Some argue that shorter domain names are easier to remember, easier to type and far less susceptible to mistakes. Others argue that a longer domain name is usually easier on the human memory - for example, "gaepw.com" is a sequence of unrelated letters that is difficult to remember and type correctly, whereas if we expand it to its long form, "GetAnEconomicallyPricedWebsite.com", we are more likely to remember the domain name.
In my persoanal opinions, I'd go for the shorter name if I can get a meaningful one although it's increasingly difficult to get short meaningful domain name, but I'm not averse to longer names. However, I would probably avoid extremely long names verging on 67 characters. Aside from the obvious problem that people might not be able to remember such a long name, it would also be a chore typing it and trying to fit it as a title on your web page.