OSM uses Web Mercator projection, which is fine for most uses. As long as it correctly interacts with location markers its probably better than the equirectangular projections typically used by existing location maps.
However, other projections are far better for specific uses. The polar regions need a different projection, and are the most extreme case. The current preferred projection for global maps is the Robinson projection, and maps at the continental and national scale benefit from alternative projections.
Personally, I'd prefer a static map on a good projection to an interactive one on a poor one.