Commerce Addressbook is a module that allows authenticated customers to reuse
previously entered addresses during checkout.
They can manage all entered addresses in their user panel (user/%user/addressbook).
Note that for data consistency reasons editing a previously entered address
won't change it on previously made orders.
Status
The 7.x-3.x version offers UX improvements and is currently the active development version for new features.
Difference between 2.x and 3.x
User's default customer profile will now be displayed below the address selection list in a "read-only" mode (we're no longer trying to refresh the field values after selecting a profile).
If you need to make some changes to an existing customer profile, you'll be able to using an "Edit" button.
A new option has been added to the select list ( "+ Enter a new address") that will let you explicitly specify a new address.