Jeff, No it wasn't a waste of time.
While I am not a total noob, I'm still an amateur. I have been lurking around this site and others for a few years and have learned a lot.
Admittedly, I was somewhat curious about the DupliColor from seeing it on Trucks! but not to the point I would try it because I know that a bc/cc system is the way to go.
However, your experienced comment and those of the other pros here killed any curiosity that I had about it. As Barry said, even a cheap catalyzed enamel would be better.
I imagine it would be ok for a mailbox or something like that but I know I have put too much time into my project car to skimp on the paint that much. I know people are on a budget, but heck, if you are spending tons of time to prep your car, you certainly don't want to do it again in a year or two.
And for those that just want to slap a quick coat of paint on, you might as well go Maaco and it would be a whole lot easier for not much more money.