ManAboutCouch
IIRC Google's geocoder does something like this, but it's pretty inaccurate, overstating it's match level consistently.
As others have said, geocoding is very hard to do well, but I commend the efforts being made with Nominatim and komoot/photon.
Apparently it was built by an intern, it took him two weeks to create the 22 Billion blocks: http://www.ordnancesurvey.co.uk/about/news/2013/minecraft-ma...
Google's geocoding service is underpinned by a lot of third party datasets which would have to be (very expensively) relicensed if Google started passing the results out to maps under the control of other organisations.
http://www.datacenterknowledge.com/archives/2011/02/09/amazo...
There's also this Open Letter: http://wiki.osgeo.org/wiki/Geoservices_REST_API#Open_Letter_...
And James Fee's view on the whole thing: http://spatiallyadjusted.com/2013/05/09/esri-and-an-ogc-stan...
As an aside, MapBox (via funding from the Knight Foundation) is also behind the shiny new iD Editor for OpenStreetMap: http://ideditor.com/
Also Public Transport route and connectivity information is frequently a bit patchy in OSM, but this is steadily improving.
However putting a non-existent island on a Marine chart used for navigation is a few steps above that. It looks like it's the result of a mistake, a mistake that was copied far and wide.
And as a bonus, any edits you make to the data aren't owned and copyrighted by a large corporate, but are made available to everyone via a Creative Commons Licence (soon to be ODbL)