I agree with most of Kevin's Spacey's comments but this one was a huge gamble for Netflix. I think pilots in the digital realm will be the media version of an MVP and seed financing before an A round.
Also define "immense" waste, a Pilot is an episode you're making anyway. There's some added expense from ramping production up and down temporarily but its no where near as bad as making 13 episodes where the last 7 or 8 aren't useable.