As an example, the page for highway tags[2] is quite rich.
[1] https://taginfo.openstreetmap.org [2] http://wiki.openstreetmap.org/wiki/Key:highway
Which leads to things like: https://wiki.openstreetmap.org/wiki/Quality_assurance
Obviously the data is imperfect, and there are lots of edge cases (https://github.com/Project-OSRM/osrm-backend/issues/2145). But overall, it works pretty well. There are regional disagreements about the highway hierarchy (primary/secondary/tertiary/etc), but as long as the structure is locally consistent, you generally get the routing results you expect (routes tend to major arteries, etc).
ETA calculation is a bit hit-and-miss, but the only way to correct this is to use real-world measurements.
The great thing is that if you find something weird, you can just fix it. This happens overwhelmingly more often that people deliberately introducing errors.