VTEC is definately not a waste. As the Honda engineers quoted "it's like having 2 cars in one". Torque at low reves and power at high reves. True, for some people like my mum or grandparents, VTEC in a sense is a waste, but for enthusiest, it's definately a bonus.

If you've ever seen a ITR run on a track, you will notice that a person that knows how to drive one will always keep it in VTEC mode. Having said that, a ITR is pretty much not a ITR unless it goes into VTEC cos it has no power at low revs :P