Then we can't even check if URLs are correct (think phishing). The general public now grows up with this concept, it isn't complicated.
How in the world can anyone seriously think this should be changed? Search and address are two separate things. If I really wanted more "real estate" I'd go F11. Pointless change for the sake of change - or worse ... to be more like a competitor.
This is why the address is displayed in title bar, which is completely empty in IE9.
I can vouch that, general public cannot even see the address bar. Well, they can see it, but, it is more like CO2, they see thru it. Even if they didn't see thru it. They intentionally not to use it. If they can completly delete the bar, if you ask them personally (they will never know how to delete it, thus, you ask them), they will say, delete it.
Large number of them don't use either address bar and search bar. They click Home, which is most likely Google and Yahoo. (Bing users are too smart ).