That's the main reason I've always stuck with Firefox. I use the address bar as a way to quickly access my history instead of using bookmarks, and it has worked so well for me so far.
Actually it only gives a limited numer (10 or so) hits from your history. I remember years ago, this wasn't the case and you could keyword search your history/bookmarks and the dropdown would get longer and get a scrollbar, but you could actually scroll through 100s of hits that way.
I used that a LOT, and I'm still sad they removed it for some reason. 10 is very often not enough, because it lists too many similar domains.