No the most wasteful, idiotic and backwards thing to do would be to consider your comments of any authority on the matter.
Having the glass on the side could easily supplement space that would otherwise not be used (i.e.: to close to the edge for human fingers to comfortably operate). One edge could represent power level, the other volume level just to name a few uses of the side curve. It would most certainly be more comfortable to hold as well opposed to sharp edges.
My comment was about them distorting actual displayed content it has nothing to do with them possibly only using that space for power/vol meters. If it actually isn't for something like that and we have to deal with having the edges of photos and videos curved then yes it will be a huge step backwards.