I'm just upgrading to a Premier account as needed for receiving more than six payments in a year. I have the bank verified (two small amounts put in by PayPal, me telling them what they were) but not my address - some form of signed for delivery note from them IIRC. I've had umpteen deliveries from Ebay, which although is the same company, I guess they don't count.
Any restrictions that might kick in if I don't get my address verified? I keep thinking I'll miss the postman on the day they decide to send the note.