Apple's iOS 6 Maps debacle was a huge deal. Tim Cook released a letter of apology, the company is actively improving the data and whatnot. People were refusing to update their device from iOS 5 because there wasn't a Google Maps app available on the App Store for quite a while.
It is rumored that as an attempt to improve this service, Apple may be in the talks of acquiring Waze, company behind the social mapping service.
Waze is a satellite navigation app for drivers that lets its growing community post updates and warnings as they drive on the roads. For example, people can report accidents, traffic cameras etc. for other drivers in the area. Besides this, Waze users can also message each other among other things.
Waze's mapping data in many regions of the world is built from the locations of moving cars. This can potentially help Apple improve their mapping data in Asia, the Middle East and more.
When Apple released their own Maps, Waze was one of the services that benefitted from more customers because it was one of the better alternative maps apps, with Google Maps missing. Whether Apple will acquire them, if it will be worth the $500 million, we'll see if and when it happens.