I guess you can do that, but you need to click until the address is selected, right?
I don't mind losing title bar but I dragged a web to desktop often. Just don't like all this extra step. Apple should include favicon when you opt for showing long web address. It would be perfect.
OSX is not iOS. I understand why in iOS we have short web address and it's centered. In OSX We actually drag things around. Little things like this make me think Apple had lost their magic a bit.