People's individual information are commonly their mobile and email. If you are using an address book to keep track of further information you'll likely have birthdays, work information, IM IDs, personal blogs or social profile pages for each individual.
The only commonly shared field between people are, as you said, the address and possibly a home phone number. Since people rarely change addresses (except for those in college) then it seems like a minor issue to worry about one shared field among so many individual options. The few minutes it takes to update someones address on the rare occasion it changes does not seem to warrant a special complicating function. This makes it unlikely for there to be an application that will have the particular function you are wanting.
An option would be to use a service like Plaxo where information is automatically updated. So if your friends also have Plaxo accounts then they would update their own information and it would automatically update for you. Plaxo has many, many options for sync with Outlook and other common services so maybe this would be a work around for you.