Personally I hate it. Some people love it, but I hate it..
Why? Probably because it tries to be too smart which somehow conflicts with the way in which I use a web browser.
For example when developing with url's for a production and a live system which are very similar I prefer to type the first few characters of a url and select the correct one that I need. Then the last thing I need is when I enter e.g. an 'o' in the location bar that I get 'slashdot.org' because there's an 'o' in the name _somewhere_. No, I don't want somewhere, I want a _starts with_ approach.
But I guess what frustrates me most of all is that this has been implemented without an EASY way to turn off/revert back to how browsers deal with entering an url since well, basically the start of the modern web browsers.
Just a single 'awesome bar? on/off' button would have been so nice.. that way everyone could have decided to use it or not depending on personal preferences. This instead of needing to tweak an about:config or installing add-ons which more or less return things to the 'not so awesome way of doing things'.
To be honest: it even almost made me switch back to IE, but it's the web developer toolbar that makes me stay.. that + the add-on which more or less removes the awesome bar.