As Apple and Google have intensively become competitors in the mobile space and Google's mapping data remains an integral part of the iPhone's Maps application it would be a great step forward for Apple to create its own mapping technology. It has been possible since Apple has acquired a mapping company Placebase which is now part of the "Geo Team" at Apple. It also enables the company to get rid of dependence on Google maps.
According to MacRumors , Apple is going to enhance the current mapping service. The company is seeking an iPhone Software Engineer that will join Apple’s team developing the Maps application for the iPhone OS. As the company claims the team has just started to bend every effort to taking the iPhone's built-in Maps App to "the next level". Apple is planning to implement high-level user interfaces, new and innovative features, fixing problems, and enhancing the performance of Maps as well as the new Compass application and other location-based services on the iPhone and iPod touch.