Just having long domain won't help, if a long domain contains your most important keywords then it's worth going for. I think keywords in domains play an important role in the site's rankings in Yahoo and MSN while in Google it's not such a major factor.
Generally a short domain is much more preferrable from the brandability point of view and for easy rememberance. People tend to forget the longer domains which results in loss of some percentage of type in traffic.
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