It is still present in the upcoming HTML5 specification :
The address element represents contact information for its closest ancestor to the element or body. If this is a body element, then the contact information refers to the document as a whole.
...
The address element should not be used to represent arbitrary addresses (for example, postal addresses) unless these addresses are actually relevant contact information. (The p element is a suitable element for marking up email addresses in general.)
The address element must not contain information other than contact information.
You are right, this is often not used, but it should be. I think earlier versions of IE had design issues, so maybe why it never took off?
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