This seems to be another new set of road network data (just that, not general map data per se) that is user generated by having users running an application on their GPS mobile phone. Purpose for now seems to be to be able to give the entire www.waze.com community a free route planner that takes and current local road situation information (traffic, police, changing roads) into account automatically. Sounds interesting, and if you look at the site right now it looks like they are "paving roads on a blank canvas" right now.