While the email editor allows over 200 chars in the url field, the url encoder truncates the url after 200 chars.
In other words, you paste in a url of 232 chars, the editor excepts it. Yet when you receive the test email and click on the link, you get the encoded url, and it forwards to your url.. except the the fact that its been cut off at 200 characters. So either it doesn't work, or the tracking info in the url is lost.
Can this limit be extended? Regardless, please put a limit in the editor input.
I just stumbled upon this bug myself. I've been trying to enter a 327 character URL in the editor for an image, and keep having part cut off.
It would be great to see this limit extended (from what I recall, 2000 character's is the generally accepted limit for browsers). Or at the very least, warn/show users the 200 character limit.