Wasted spark refers to the factory ignition system firing each cyl TWICE, once on the compression stroke(which make the big boom and makes power) and once on the exhaust stroke which does nothing and is a "waste". This is the easy way out for the manufaturer to do it. Works well enough, just makes more work for the coils.
I just wired them up to see if it all worked. I plan to wrap those wires in a loom or somesuch.
I wanted to eliminate as much "clutter" as i could and this definately fits the bill.