I'm currently using an iPhone 4, so I don't get Flyover or turn by turn directions. I often used Google Maps for directions though and have tried the new Apple version on a few routes.
So far Apples directions have worked fine and the interface is much better and safer than it previously was. The directions used to be quite small writing, not suitable for a quick glance whilst driving. The new instructions are much improved, the diagram and large text makes glancing accross much safer. A simple swipe on a large target are is also much easier and safer than the small touch target of the little next instruction arrow in the old version.
The bad parts for me have been satelite view, which may as well not be present in the area I live in in the UK, on the edge of the countryside. You can't see the roads at the still clear resolution, beyond which it just pixelates terribly. It's much better in a big city such as Sheffield.
I have never searched for a term in maps before, to be honest I didn't know you could, so I can't say whether it's better or not. Also, I've never used the transit information so this isn't something I'll personally miss.
I've found the maps to be solid enough. There are clearly some issues that Apple needs to resolve and from their job listings it would appear that they are aware of this and trying to rectify the known issues.
I've already sent a few 'report a problem' notices to Apple and I urge anyone else who finds issues to do the same. It's the best way of letting Apple know where issues exist and will help improve things.
Overall it's a promising start, with some glitches. It isn't as good as Google Maps yet, but it has the potential to be. As long as it does the jobs I need it to do I'll stick with it and look forwards to it improving over time.