I’m just wondering if there has been some sort of network problem today.
All day, whenever I try to access Waze I have been getting the Uh-Oh! Failed to initialize. No Network connection message,
If there is no problem, what’s the fix? Reinstall?
Samsung Galaxy v 2.3.5
Waze v3.0.2.8
Looks like the problem was in the Waze folder.
I reinstalled the program, deleted the folder, and all is back to normal.
Yup! I had this problem for three days. The posted solution worked. Uninstall the app, delete the folder using explorer, then re-install. Once I signed in, my favorites were restored. I was ready to trash the app. Thanks for the tip; I love this app. 
There is no need to uninstall the application. You can wipe the data from within Android itself.
Settings > Applications > Manage application > Waze > Clear data.
Restart Waze and make sure you have your login details ready.