In one area, anyway. Compare the search for 6-4135 Shipp Drive on Nominatim:
http://nominatim.openstreetmap.org/?q=6-4135+Shipp+Drive&polygon=1
and on Google:
http://maps.google.com/?q=6-4135%20Shipp%20Drive
Notice how Nominatim nicely highlights the exact house while Google needs confirmation (when only one of the 4135 Shipp Drive locations has sub-units) and then misses the house by 140 metres when the correct location is chosen.
It boggles me, however, why no OSM search tool has searching for intersections implemented, e. g.
http://maps.google.com/maps?q=Hurontario+and+Dundas,+Mississauga
However, Google Maps doesn't seem to have this functionality worldwide. See:
http://maps.google.com/maps?q=Stettemerstrasse+and+Hanfpünt,+Schaffhausen
This suggests that they store the names of intersections separately from the names of the intersecting streets. Weird.
I don't know where I was going with that.