I loved the fact that people 5 minutes in front of me could report traffic and I could take another route. I have not found any other application to be as accurate or quick in reporting. I also loved the cop reporting and traffic camera feature. Saved my ass a few times. I also loved being apart of a social group from my work that drove the same basic route. I head over a mountain pass and sometimes it closes due to snow that i dont have at my house. People that left earlier than I did would report and sometimes I was able to not even attempt to drive possibly eliminating the chance of an accident. The search feature to all the major search engines to anywhere i went was awesome and it would put the address in directly without doing anything.
The latest release added some cool features like:
-Driving to a restaurant with friends: See everyone on the way, with their real-time ETAs. When you arrive, you'll see where friends have parked, and know who's still on the way.
-Picking up your spouse: No more painstakingly explaining where they are. Send a Waze pick up request to instantly grab their location and navigate directly to them. They'll get a live map of your route and ETA, and watch as you approach -- even if they don't have Waze.
-Let the kids know you'll be home for dinner: The days of "Mom, when are you coming home?" are over. Share your drive by sending a weblink to a live map of your location and route, and let them see exactly where you are and when you'll be there.
I bought Navigon with all the bells and whistles for about 100.00 and after waze came out i never used it again.
Here is a Video that tells about the latest version.
http://www.youtube.com/watch?v=y3s_S5Mn5VQ&feature=plcp