It's a complete waste of a match in the sense that it was obvious Cena was going to win. Instead of building a feud with the Miz and someone over the IC title, they book him in a match with an obvious ending
Well, I personally wouldn't have had the match end, maybe had Punk interfere or something for a DQ finish or even have Miz leave. But I don't believe it was a complete waste. It was a good match at the end of the day. And I believe the purpose was to show Miz has some good offence while showing that Cena is still a top guy. I thought they both came out looking good for the match as a whole.
In the end though, I wouldn't have given anyone the pinfall.