Are computer games a waste of time?

Having wasted a large amount of time playing Championship Manager in my youth I would have to say yes. I'm not even sure I can really say I enjoyed playing it, I was just unable to stop. The addiction of a text based simulation like this is difficult to explain, I think the depth of the experience and the idea that almost anything could happen was what kept me going.I kind of wish I'd spent that time doing other things though.
I still have fun playing first person shooters occasionally, and a multi player game of worms or Fifa is always good fun, and I think fun is the key.
I don't think having a good time is ever a waste of time but how often do gamers persevere when what they are doing is causing them only frustration and stress?
There is an argument that computer games are potentially the new big form of entertainment - overwhelming TV and film as younger people prefer an interactive approach to spending their spare time. Whether this will come to pass will be interesting to see but I think the Wii is probably a step in the right direction - if only because it introduces physical activity and actually getting up off the sofa.

I'm a fan of computer games but are they a waste of time? I think that undoubtedly they can be.