For maximum readability and SEO use kebab-case (dashes) in your URLs and make them short and friendly.
Learn more on Best Practices for URL Structure.
northwind.com/pageonworddocumentation
❌ Figure: Bad example - No separation between words
northwind.com/PageOnWordDocumentation
❌ Figure: Bad example - PascalCase - Better readability and still works in small caps, so other people might share it without the MixedCase
northwind.com/page on word documentation
...will become
northwind.com/page20%on20%word20%documentation
❌ Figure: Bad example - Spaces will show up in your URL as %20, which is bad for readability and SEO
northwind.com/page_on_word_documentation
🙂 Figure: OK example - Underscored (snake_case) - Good readability but not recommended by Google
northwind.com/page-on-word-documentation
✅ Figure: Good example - Kebab-case - Recommended by Google. You should use lowercase only
Not for domains! This applies only to pages and documents. Domains with dashes are harder to read and less trustworthy
Read more on SEO 101: Hyphens vs. Underscores in URLs.
More info: You can install the IIS URL Rewrite Module for IIS7 you can make ugly URLs much more friendly.

The caveat here is that it will only work if the URL is in the clear on the page.
Note: This could only be done with certain links as others are postbacks as well.