Waze is more than a navigation app; its developers promise to help us all outsmart traffic together with a combination of social and database-driven technologies. The new update adds even more social features, including collaborative driving directions, live maps, new interface and design, as well as iOS 6 and iPhone 5 support.

Here’s a list of all the new features:

✓ See friends driving to your destination & everyone’s ETA
✓ Send a pick up request to grab anyone’s location & navigate to them
✓ Share your drive by sending a live map of your route & ETA to anyone
✓ New design and UI throughout
✓ Sign in with Facebook
✓ Nearing destination bar
✓ Toll road usage indication
✓ Private messages
✓ Parking location pin
✓ Support for iOS6 and iPhone 5

source: Waze Homepage