Are single field address acceptable?

Shipping addresses should have multiple fields for address line 1, address line 2, city, state/province, and zip/postal code. This is of course pretty standard.

However, what if the information for an address is not for shipping? Then will it be acceptable to have a single field to input an address?

For example, an app like urbanspoon will require every restaurant to enter their address. The address will be listed on their page and the map. Will having a single field have any downside to this? Will it affect the SEO? Backend? Or is there a psychology behind having multiple fields (less cumbersome)?