Not a waste, just a wasted opportunity.
The idea behind it was good. Play old school game in a virtual arcade with your avatars. I like stuff where my avatar actually becomes useful. (In a limited sense anyway)
This could have been soo much better. Add in games that aren't so old, or sell them cheaper because 240 is too much for an old old game. Especially cos you're not paying for a physical copy.
Proudest XBLA 100%
Limbo, Catan, Yu Gi Oh!, Hexic, Sonic adventure, SSF2HDR