Whether it is a waste of money depends on your viewpoint I guess, if you want a mechanically straightforward seriously quick car capable of embarrassing a lot of younger traffic I can see the appeal. They are a league apart from Testarossas which are a road car I really like (sorry, it's my age), and why a TR can be safely yours for £35k but you'll need double that to get a 512.
They have quietly become many Ferrari drivers' track car of choice. Ok so they aren't beautiful, but that doesn't mean they aren't good.