Waze - Not working on Xperia X10

This doesnt work on my Xperia X10 (Firmware: 1.6, ver: R2A026). After the initial screens for signup/ logging in... the GPS attempts to latch on.

Then "We've made a few infrastructural changesthat require re-start. plase exit and restart Waze" notification appears with only "OK" button. Pressing this, Waze exits.

This is repeatedly happening and is annoying. I am unable to use this app and is completely useless this way.