The Waze application has a lot of good buzz both on Android and on the iPhone. It uses data from its users to offer back updated traffic information. In fact Waze was one of the data partners used by Apple for their infamous Apple Maps application.
Rumors of an Apple/Waze deal made their way on popular online news publications including on TechCrunch because they sounded plausible. But some skeptics smelled something fishy in the news story from the very start.
Apple usually stays away from startups such as Waze. But because of the whole Apple Maps problem and because Waze and Apple work closely together many of us were tricked into believing Apple was really interested in buying Waze.