On the other hand seeing the URL helps me decide if I'm on the correct webpage. mybank.com vs pretendingtobemybank.com Of course I try not to click those links in the first place but I do look at the URL to check that some link I clicked took me to the right place.
There's also plenty of apps I use where the URL is useful info. For example JSFiddle. If there's a /N in the URL I know I need to click "Set As Base" before I'm done. Of course if that's the only site I need that on maybe not a good argument. I'll have to think about if that comes up on other sites for me or not. That's also a dev only issue probably.
I wouldn't mind having 2 modes, user mode and dev mode. I can certainly accept that non-devs have different needs than devs. My only point is I'm trying to avoid frustration. I have enough that in my life. I don't want chrome to pile on more and I can see that their current URL bar already causes me frustration often while doing dev and even while just socializing on the net. At some point that frustration will lead me to find something less frustrating.
I don't hate this change so far (especially as clicking on the domain gives the full URL - although that's perhaps not very discoverable if you don't know about it already)