Waze crashed at the splash screen for me on a new inofficial Android 4.2.1 ROM on my Nexus One. No idea if you're interested in this, since it's an inofficial ROM, but maybe there's something wrong with general 4.2.1 compatibility, who knows?
So far I never had a problem like that with Waze, even though I've been running inofficial ROMs for a long time now. Also, other navigation software works (Google & Navigon).
//edit: Took a screenshot in logcat, if that help with anything.[ img ]
//edit2: Waze 220.127.116.11 seems to be working fine.