Another benefit Waze have is that its available in multiple countries (as long as you have a data connection) more countries then Google Nav, it's actually an Israeli start-up company that is developing it and they are moving in rapid pace. Just the past summer they have had a contract with the City of Los Angeles to help with the closure of the 405 freeway for 56 hours. Anyone in the LA area refers to that freeway as the 405 parking lot. The city used that app to report available open routes around the closure...
I know for a fact we will see great new features in Waze.
BTW - not that us Droid users need to care but Waze is the only free turn by turn voice navigation app on the iPhone that i am aware of.
Great thread sbenson.