They only waste space when you've got space to waste. I really like the way the layout changes as the screen size changes and the images become more cropped.
Yeah the responsive design is really well executed.
But seriously, I can literally only see the nav and four images when I load this page on my desktop. Shocking usability.
Every time I see a new MS offering I feel more and more that they are investing in good-looking design rather than usable design.