I think this is a neat way of encoding things. But this also has a lot of shortcomings that existing mailing addresses don't have; it's really only useful for identifying a physical spot, which is what a lat/long and geocodings of mailing addresses will do anyway.

Additionally:

* What if you live at an apartment?

* What if your address doesn't correspond to a fixed physical location, like an APO?

* Aren't the city and country redundant if you have a physical lat/long location?

Still, we need to look at how we send information to our fellow humans. Addresses are important and I'm glad folks like the OP are taking a closer look.