1. Considering you acquire more dragon souls than shouts, nothing is a waste of a dragon soul.
The shouts I use a lot
Ice form: This is a great shout, especially if you can get everyone in a line right in front of you. If you can get everyone in a choke point, like, lets say a door, you pretty much have frozen everyone and can kill half the enemies before they get up. It is also useful for dealing with bosses so you can kill his guards and then deal with him
Call of Valor: Very useful for a mage, because he acts essentially as a tank, soaking up all the damage while you recharge or attack from a far. Also good for warriors dealing with a mod of enemies
Agent of Strife: Great in a pitch because you regain 100 health for each enemy you hit, which can save you if you are about to die
Dragonrend: Essential for melee warriors when fighting dragons
Become ethereal: Great for if you are running away from someone (infinite stamina helps too), This saved my ass when running from Ancient dragons, if you want to jump off a tall building, (bards leap, anyone), or avoid those annoying Dwemer traps.
Anyway, I find people tend to lean toward certain shouts more than others, pick whatever you find fun or useful.