Google might own Waze, but thankfully Mountain View isn't shutting down the social navigation service to bring it all in-house. In fact, Waze just got an update on Android to v3.8 with a few new features. Waze calls itself a social GPS app, so yeah, most of these features are social things.
One of the advantages of using Waze for navigation has long been its real time traffic reporting by way of a committed user base. Now Google's acquisition of the company is bearing fruit as that live-updated data is being piped into Google Maps.
Google Maps can already estimate traffic conditions based on the movement of Android devices, but this new source of data is more exact. It will tell Maps users about accidents, road closures, construction, and other general traffic frustrations.