Waze is basically a navigation app with some crowdsourced features. If you are using the app, Waze keeps track of your location, and if you get stuck in traffic, it will tell others along or near your route that something is amiss. It's a good idea, but only if there are a lot of people using the app on your route.
New to this version are commuting groups, which allows you to create groups of drivers and see them on the map. There is an improved 3D view, and a better, simpler, search menu. The app works in landscape as well as portrait mode, and does give voice directions.