I think competition is great. Google Maps have been king for quite a while, with their pedestrian and transit routes, etc. Apple will really have to do something outstanding if they want to switch away from Google Maps. Otherwise I wish Google has a standalone maps application or one can just access maps through the safari browser. They have a pretty decent Web App. The Map app is one of the most used apps during my day, mostly to quickly check on traffic, but also for quick directions both as a driver, pedestrian or occasionally on public transit.
Free navigation would be great, but I have already spent money in some navigation apps, and then there are some pretty decent free navigation apps like Waze. So, great if they do that, but kind of too late for me unless again they do something awesome.
Unfortunately Apple has settled for the incremental upgrade path, not for the innovation path. There hasn't been anything really innovative lately, except the retina display and Siri. Although I think that the iPhone 4 hardware is outstanding, don't get me wrong. I really like the iPhone 4 and 4S.