Word from the Official Google Blog: Google Maps and Waze, outsmarting traffic together
To help you outsmart traffic, today we’re excited to announce we’ve closed the acquisition of Waze. This fast-growing community of traffic-obsessed drivers is working together to find the best routes from home to work, every day.
Everything I’ve heard is that Waze will remain as they are, independent and doing what they currently do. I assume that Google will be using Waze’s data to feed into their own systems (and possibly vice versa?) until another inevitable google product cleanup. Hopefully not for a while now