Great news for both Google Maps and Waze. From my understanding, Waze negotiated a 3 year period where they would be allowed to continue independently, but I imagine there will be quite a bit of data sharing between the two (Waze can now use Google's maps and POI data, and Google can use Waze's data to improve its realtime directions)
I'll bet you that Waze won't exist as a separate app/product in 3 years. I hope it does, but I doubt that Google are going to maintain two separate navigation apps.
