The Google URL Shortener will shorten a web address and generate a qr code (if you have an account). It takes a long URL like:
http://cgi.ebay.ca/GAUDY-BEAD-STRETCHY-SINGING-GRINCH-UGLY-XMAS-SWEATER-M-/290513972051?pt=US_CSA_WC_Sweaters&hash=item43a3fb6b53#ht_715wt_1141

and creates a shorter URL like http://goo.gl/eVkTh with a qr code to match.
You need to have a Google URL Shortener account to get the qr code image but it does give the ability to see how many people have followed the link (built-in mini analytics). It will also keep a record of all the shortened web addresses you have created.
The downside of using Google URL Shortener is it does not give you any control over the error correction level or the resolution. Also, you cannot send the individual directly to your web address -- may be a branding issue for you or your company.
Sidneyeve Matrix suggested these generators to me: http://qrcode.kaywa.com/ (a simple to use) and http://www.facebook.com/QRcode.generator (a facebook app with more features).
If you are creating QR Codes regularly, you might want have your own generator. One of my customers needs to regularly create QR Codes for printed direct mail pieces so I wrote them a simple program. Later, they will be doing a mail-out and each printed piece will have a custom qr code -- the program will definitely come in handy.
QR codes are here to stay. Smartphones will continue to decline in price and the number of users will continue to rise -- do not miss the opportunity to leverage this simple but effective tool.