This OVA wasn't necessarily a waste of time, it just didn't live up to expectations when compared to season one or two, which I watched both of prior. There isn't much going for it story wise, and when it ended, I found myself saying "that's all?"
There's hardly any build up of anything, and there certainly feels to be no resolution. The fact that this fairly mediocre OVA was (as far as I am aware) supposed to be a teaser for the second season, which was the complete opposite of boring, was a little weird to me. Overall, it was an okay watch, but don't expect much.