I know that Waze is not a full featured GPS (only really meaning it doesnt have the huge POI database), but I remembered something the other day.

My wife has a Garmin gps unit. I was doing some surfing for some interesting things to mess around with on it. There are several sites that have user submitted POI. You get rankings, just like Waze, and are able to add POI to the online database based on how high your ranking is. It is set up so the first users of the site are not able to add places like restaurants, shopping, etc, until they have put their time in.
They are not a part of Garmin, but rather supply "data packs" of info. For instance if you wanted to upload all of the Starbucks coffee shops in the state of Florida, one would be able to, and other users are able to download these packs and install on their Garmins. You could also add places like all the bars in Tampa, FL, or playgrounds in Miami, FL, and so on.
It gives the users more access, and maybe more info on certain specific things they want. The data packs are usually stored under favorites on the device.
So, I was thinking with Waze being user submitted social gps device and all, that might be a way to go if you guys were ever interested in doing POI. I know you have said the POI databases are usually a ton of money, and wanting to keep this free, obviously out of the question.
Maybe it can be set up at first where you must be at the location to add into the POI database. The lat and long would be there, users can add phone numbers to the data also, but keep it on the simpler side for info. It could be managed by other users just like the maps are. If a restaurant is out of place, users can move it down/across the street.

Just an idea.