They should have bought Navigon or maybe even TomTom instead of even trying to do it on their own.
The new Maps already gets its data primarily from TomTom, and also Waze and a bunch of others (Waze provides crowd-sourced traffic info, I think).
Honestly, for driving, I can't see any reason to use something besides Waze which is incredibly awesome.... although it's also lacking in transit navigation so it's not for everybody.