The only way I can see to do it is to search, using the search window at the top right hand corner and start typing the email address. Of course, that means you need to at least have some idea what the email address might be, but if it's bouncing addys, you'll have that info from the bounce messages.
Interesting - I didn't realize that you couldn't see your list with all the emails showing like you can in Entourage's address book. Hmmm...one more little reason I've always liked Entourage and been less than thrilled with Mail.
Unless the search criteria can be changed somewhere I haven't found, using the search window only looks at the names of your contacts not the email addresses. Typing email addresses doesn't look at email addresses.