I'm using Canary with this option enabled, and all you have to do is click the domain box, then you can freely view, edit, and copy the URL.
All this update does is hide the path portion of the URL. That's it, so IMO, this story is way overblown. Google isn't removing the URL bar, they're just acknowledging the fact that 99% of users don't need to see 99% of the URLs they visit on a daily basis.
Why do Hacker News readers need to see a URL that looks like this? https://news.ycombinator.com/item?id=7677031
Why do users looking at Amazon Fire's landing page need to see this? http://www.amazon.com/gp/product/B00CX5P8FC/ref=amb_link_412...
Why do EBay shoppers need to see this? http://www.ebay.com/itm/Garmin-nuvi-2555LMT-5-GPS-Navigation...
They don't. Just trim it down to the domain and call it good.
Oh, and it's worth mentioning that to copy/paste URLs, it's still only one click away, because when you click the box, it auto-selects the entire URL.
Edit: As I review my post, in the context of this story I find it humorous that even Hacker News trims the URLs I pasted because of how obnoxious and unnecessary they are.