Yes, you can now take the Google Maps experience offline - this means no need for data or Wi-Fi connection. The update has been rolled out today on Google Play; all you have to do is update it via your phone or the web page. The catch is: the app only works on Android 3.0 and higher.
The functionality will supposedly make map-saving available in more than 150 countries but having given it a spin ourselves, we weren't too pleased that there's no support for Singapore yet. Nonetheless, we are pretty sure that it would come soon. Overall, we feel that the update will be extremely useful especially when you are overseas and do not want to incur high data charges.
TechnoBuffalo - "You can store up to six large metro areas on your device for quick reference, which is handy when Wi-Fi or cellular data is MIA. In addition, GPS will still work without an Internet connection, so you can easily navigate Paris or London or wherever it is you’re traveling to this summer."
There are limitations of course, in terms of the size of areas to be saved offline. Check out Google's short demo video here: