This.↑
Best post on this topic.
People should start to understand that Google does NOT make their own maps,
And people should understand that the value of Google Maps is not in the maps themselves (anybody can walk into a convenience store and buy a map), it's in all the geolocation data tied to places, shops, restaurants, sights, cities and in services like Street view, directions, mass transit information, etc.. etc..
Right now, I can search for a route from a restaurant to a specific bar accross town and ask Google to make that route using mass transit and walking only. It gives me the stops I will need to wait at, the buses I need to take, at what time from the current time and be pretty good about it. I will also be able to see the surrounding streets as if I was there so that when I do get there using the bus, I will know where to get off by seeing things I recognize.
That's the value of Google Maps. Now, the question is, can Apple match this on release, on the scale that Google offers it right now (more than just the US), with the same breadth of data ?
For one, I doubt they can match Street View that's for sure. The question is, will they have a feature that is similar enough, or a feature that sets it apart.
The problem with Apple is not things like revolutionizing markets using systems. The problem with Apple is revolutionizing things in the area of cloud services. Ping, MobileMe, .Mac, iCloud, whatever, Apple has never been great at these things. Will iMap be different ? Will it be just a "meh, shoulda stuck with Google Maps" kinda thing ?
In the end, they better make darn sure they aren't replacing Google out of spite, but because they do have a genuine better solution. At this point, no one can say since we just don't know. And when we do, it will be too late to go back if this is another Ping in the making.