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It's probably been commonly around for over a year or more. Do users prefer this and does it improve satisfaction ?
Obviously we can only make certain assumptions in the absence of any formal (or even informal) interface testing, but it is extremely rare to see more complex forms win out over simpler ones. My personal preference in this case would certainly be the new interface.
On a personal note, about a year ago I was involved in a similar exercise. We replaced four fields with one, creating highly sophisticated logic on the server end to decipher the user entry and separate the data into its four logical behind-the-scenes buckets. The result has been nothing but positive. The new interface has virtually eliminated erroneous entries, while improving the speed of results while maintaining accuracy. As an added bonus, the new one-field feature sees a much higher percentage of use than its old counterpart, which sometimes became a place of abandonment.