This change has been needed for awhile, and hats off to Google for finally implementing it. Many sites have LONG URLs and it would make the SERPs, well, look messy. Now, if the URL is long, Google will use “Breadcrumb Navigation” instead. Here is a screen shot. Notice the breadcrumb navigation in green:

Google Moves to Breadcrumb Navigation in SERPs

You can read more about it in Google’s Blog.