Last time I checked (just now), this still didn't get me any useful results from OSM for the European capitals I frequent (Rome, Paris, Berlin). I guess it is even worse for smaller cities.
Yes, there is some venue/business data. But it is too sparse, at least for most of Europe, for OSM to be a useful replacement for Google Maps -- even in the medium term.
The question would be: how could this be rapidly improved? For example, I entered probably two dozen places that were missing on Google Maps, in the past. While this data is now Google's, I entered it, originally. What's more, if I would be adding it again, to OSM, I'd certainly enter the same data.
I wonder what the legal perspective would be if everyone crawled "their" data (i.e. the data they personally entered) from Google maps and forwarded it to OSM.