The URL bar should ONLY autocomplete URLs. It should not search through everything in my history and bookmarks that contain the string I started typing. It is extremely annoying and must be disabled. Furthermore, Apple should know better than this.
[...]I guess it's intended for people who don't know the actual URLs of the sites they are navigating to, and for them it might help, but for people who know what they want to type it makes the process excruciating at times.
If there were a way to turn it off in the preferences I would have less of a problem with it. It is not helpful at all and is bad user interface design in implementation, unlike the Google suggestions.
I don't really have much of an opinion yet on the new behavior of the bar, but it might help others to understand your position if you elaborated a bit more on why exactly you think that the new behavior is wrong.
Why is it "excruciating" for people who know what they want to type? How is it not helpful? How is it bad user interface design? Why exactly is it so annoying?