Uh, I wouldn't call them a total waste of money. While I agree that false car alarms are annoying, they do bring unwanted attention if you're a thief.
I live in a condo downtown. Bums routinely breakin to the parkade to do smash and grabs of spare change. 8 cars got hit last fall along one wall. The most obvious target, a spanking new 4Runner was spared. It had an alarm with several prominent LED blinking away. Breaking into that one would have cut short the time the thief could have to break into other cars.
Most alarms will cut out after a certain time to not p*ss everyone off indefinately and kill your battery.
At for car theft, if they really want your car, they can just tow it away. Nothing's stopping that.
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