Nah... I get too much convenience out of it to be a waste of money. I wear it every day. Let's say that I keep my AW Sport for two years and then upgrade. My cost of ownership breaks down to roughly 50 cents a day. Every day I get benefits that in my opinion are worth more than 50 cents... also worth more than the dollar a day I would pay to own the AW SS for two years. The AW tracks my health, and I also think it improves my health in less obvious ways. I rely on reminders and other notifications, and I find the silent haptic notifications to be much more pleasant and less stressful than audible notifications provided by my iPhone... especially when I can glance down and ignore, dismiss, postpone or take action without having to get my iPhone out. I frequently ask Siri to set a reminder, text my wife or set a timer when my hands are full. Sometimes I even use the motion faces to snap my 3-year-old out of a tantrum!
Of course I may very well keep my watch for more than two years, or (more likely) I will sell it at the end of two years and upgrade. Either way my cost of ownership drops below that 50 cents a day. It may be a waste of money for you if you do not get anything out of it other than the time of day, but it's certainly not a waste of money for me. It's probably the best 50 cents I spend on some days. Whenever I do sell my AW Sport, it will be to purchase a stainless steel model.
Sean