I don't understand the interpretation that longitude-latitude co-ordinates of the placemarks cannot be stored / used with the places. These do not belong to Google.

Wikimapia is a tool for geocoding - allowing someone to derive coordinate values from some source, in this case, copyright satellite imagery or maps . So along with imagery rectification and map mistakes, you will also inherit license restrictions with any derivative work.

All the content on wikimapia will continue to remain on wikimapia with no option to download or export the data. That will violate the google maps service policy on which it was built..

10.1.3 Restrictions against Data Export or Copying.

(a) No Unauthorized Copying, Modification, Creation of Derivative Works, or Display of the Content. You must not copy, translate, modify, or create a derivative work (including creating or contributing to a database) of, or publicly display any Content or any part thereof except as explicitly permitted under these Terms

https://developers.google.com/maps/terms

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j.mp/ArunGanesh