anallawalla - 3:30 am on Oct 1, 2010 (gmt 0)
The short answer is that Google can do what it wants. If you didn't invest the time to spruce up your Place Page, there would probably be a default page for your business and you'd still have to contend with the other competitor information.
We (large banking group) recently had a bad experience. There are several hundred ATMs and many dozen were showing a rival bank's name in the snippet (when viewed in Google Maps) and the detailed page had the locations of a rival bank many times over. Even the URL in the "Details" area was that of the other bank. We deleted all entries and reuploaded. Things were good for a while. A month later, the rival bank's content is back.