If there are no performance gains using a join, then I prefer Common Table Expressions (CTEs) for readability:
WITH subquery AS (
SELECT address_id, customer, address, partn
FROM /* big hairy SQL */ ...
)
UPDATE dummy
SET customer = subquery.customer,
address = subquery.address,
partn = subquery.partn
FROM subquery
WHERE dummy.address_id = subquery.address_id;
IMHO a bit more modern.