Can the multi-step standard NS checkout process be summarized into a one page checkout?

Here's my case for it:

Its simple--- I think it makes for convenient shopping and is less confusing for users.  There's less chance for cart abondonment, as every time a user needs to click Continue, its another decision point in their shopping experience that may lead to them not buying.  Its also another chance for a page load error or some other technical glitch.  Web shopping seems to be largely about convenience and it just seems having the different steps rolled up into one checkout page is a no brainer.