To me the problem is that it obscures the page URI, making it an unreliable source for exactly where you are.
Whether this is a real concern for usual end users no I don't think so. It's mostly more annoying for the HN crowd who need to see it for development or are very security sensitive.
It is a change made by Google and it also dares try to simplify things for non tech savvy users so it has to be evil !