I use the address bar for 'keyword searches'.
I set up shortcuts to typical search fields (g for google, w for wikipedia, y for youtube) and type my searches right into the address bar.
In FF2, that was a clean way of doing things.
In FF3, the 'awesome bar' wants to guess what the heck I'm doing all the time and 'help me' by polluting my screen with that drop-down list.

I'm sure the 'awesome bar' is awesome for people who use it like they intended, but I don't, and I'm not too keen to try.

That said, I think there's a setting somewhere where you can disable the 'awesomeness' and get back to a 'normal' experience.
Too lazy to do that, tho.