First off to me no form of poker is awaste of time because even you wanna be superstars who have had a good run of luck can always fine tune your game because you can be beat by anyone anyday, and as far as the bad beats go guy you haven't felt bad beats until you play in real money ring games and buy in tourneys or at final tables when everything is on the line, and since its your money you take it much more harder beleive me, and guess what you won't have a lot of use complaining about donks and fish because at those stakes donks and fish don't have the heart to venture thats why you find them more in freerolls and you'll find a lot more good poker play at the real money levels.
I have had days where i would win over $50 dollars at a ring table and play their for hours on end with the same players and we exchange money back and forth, now thats real action and these are no donks or fish,this is real slow-paced grudging action and not no crap off suited low cards maniac raising lucky draw outs like in a lot of freerolls, but still the freerolls get you prepared for the real action and if you can make it through the donks and fish landmines at the begginning of freerolls you'll see that towards the end the action is great and you'll actually be beaten by better hands the majority of the time, and you'll also win a lot more because real poker players who are experienced knows how to fold rather than chase gold at the end of the rainbow!!!
Hey if you wanna play with me at aring game than you can catch me on PokerStars, Bodog, UltimateBet,Poker4Ever,and Absolute, and FullTilt but i rarely do that one(tryPokerStars SitnGo's and their medium-low buy in guaranteed tourneys of $2-$10!!!), I've won over $500 altoghether in money placings!
Good Luck to Ya!!