I wrote a whole blog post about this a while back. There are very good reasons to store each piece of data in a separate field. Not least for validation of address data.
Of course, it depends what industry you're in and what the information is being used for. If invalid address data isn't costing your company anything, then by all means store invalid data. Be aware though that down the road you may wish to use this data for mailings, demographic reports etc. If the data is invalid, it's not trivial to fix it after the fact.
Here's my blog post:
http://www.endswithsaurus.com/2009/07/lesson-in-address-storage.html
Also, in reference to searching "Where StreetAddress Like '%whatever%'". This is all well and good if you're doing a quick search for your own benefit, but when you come to attempt to automate parts of your system that rely on address data or even attempt to drop duplicates, provide users with auto-suggest etc etc, performance is degraded to a point that it will become unusable the larger the address table.
If invalid addresses aren't a worry that is going to cost the company real cash, then it's not an issue - but then, if you're not using the addresses for anything that is beneficial financially (or likely to be in the future), then why are you storing that information in the first place?
@Snorfus Ah, you must be in the Prairies. I had overlooked including posting about land descriptions in my blog post but it's something I'm considering for a later post.
Legal subdivisions (LSDs) are used primarly in Oil & Gas and other primary resource industries in Alberta, Saskatchewan and Manitoba (although they are found in parts of B.C. too, they're not in such prevalent use). They all take the same format: Section, Township, Range, Meridian. For example:
SE 28-12-17-W5
This is the South Eastern corner of Section 28, Township 12, Range 17, West of the 5th Meridian.
You could simply use a single field and parse it with regular expressions or break it out into separate fields containing the breakdown of the LSD. Running regexes in SQL Server can be a pain when it comes to performance. My take on it is the same as that of address data in general, that because each piece of data is a separate unique piece of data that they should be stored in separate fields. However, given that the large majority of this type of address data is not used by the general public in lieu of a street address, I might recommend designing something that would allow this information to be separated from (but linked to) your main address data. Given however that the land description/LSD is also part of every Canadian address, I might be tempted to store it in my main address table depending on the target audience of the database.
Here's a post about the breakdown of the Alberta Land Resource System:
http://www1.agric.gov.ab.ca/%24department/deptdocs.nsf/all/agdex10302
One thing you will often find in Oil & Gas at least (which is where the bulk of my experience comes from) is that workers will often refer to only the first two parts of the LSD - i.e. 28 of 12, or 43 of 16. The remainder of the LSD is implied by the locality of the address - i.e. Grand Prairie, Fox Creek, Wolf Lake etc.