The data need to be projected to WGS84:
SELECT ST_Y(ST_Transform(way, 4326)) AS lat, ST_X(ST_Transform(way, 4326)) AS long
FROM planet_osm_point;
Don't install the spatial reference from spatialreference.org (which is srid=94326
), as you should already have this when you spatially enabled the database. If srid=4326
wasn't already there, then there was a problem or skipped step when you spatially enabled the database.