Why do you actually need two separate text boxes? If you don't type a valid URL, your text becomes a search. You can easily pick which search engine to use, if you don't want Google logging your searches.
Does the combination search/URL bother you for some reason?
Edit: If you're worried about the silly auto-suggestions issue, just uncheck the setting in the "Under the Hood" options tab: "Use a suggestive service to help complete..."
This was the whole point of the first half of the video. I want auto-suggest on for web searches and off for everything else, as explained in the video.
Either they stuff an address in the bar and it 'works', or they mistyped it or didn't type a valid URL, and it shows them the google results, and they click on the thing they wanted.
So I think yours is a niche usecase. In any event, probably best for you to just disable auto-suggest, and bookmark http://google.com :/
"Most users don't see a real distinction" is why Microsoft's design is so smart. It protects the user's privacy more often, without the user having to really think about it. And, at the same time, it lets users use auto-suggest for web searches, which is very useful.
I do agree that I am in a niche, in the sense that I care about maximizing online privacy enough to discuss it and try to improve it. But, privacy is not a niche feature, and people who don't know about privacy problems/solutions still deserve privacy.
The fact is, most users just want it to work - something the IE team would do well to pay attention to.