This is patently false. The Google Maps Navigation on the Droid is fully integrated with Google Maps and My Maps. There are multiple ways to save locations into Navigator, and you can also perform location searches straight from the map by opening up the keyboard and simply typing.
You can create full maps in My Maps, and then save locations in those maps. You then bring these saved maps up as Layers in Navigator on the phone. I have about 15 maps, designated by function, each of which has 10-12 saved locations. When you bring up one of those maps, you'll get a little "index button" on the map that will allow you to select any of the points on that map, and navigate to it.
You can edit these maps directly in Google Maps on your PC, or use the My Maps Editor android application. Synchronization is bi-directional; any changes you make in My Maps, whether it's on the phone with the editor, or on your PC, are synched to the phone and stored permanently by Google in My Maps.
You can also save addresses for your contacts, and use those directly in Navigation.
Finally, the My Maps Editor can take your current GPS location, and save it as a map point with all of the information that you can put into My Maps. Handy for finding your car in a large parking lot.
It takes a little getting used to, but IMHO, the functionality present in Navigator vastly surpasses any stand-alone GPS solution.