If you are actually developing an application for the Xbox One then it would not be a waste of time.
Otherwise, it would be a waste of time if developing any sort of software is not in your interests.
So I can develop games/apps for the Xbone and run it on the console itself? Seems pretty handy to be honest if I want to develop.
EDIT: Also, as I've posted this in the modding section, is there any kind of exploit that can be made off of this?