I had one I used for all 3 of my own kids and for children I used to childmind. I still have it - my eldest is 14, youngest 8 - we removed the detachable changing mat and it was dc2s and then later dc3's cupboard as a small toddler - perfect for age 2-3 (ours isn't drawers but shelves with wardrobe doors) and I now use it to store bed linen. I never, ever changed nappies on the floor or any other surfaces when at home, and never really understood why people do that, but I'm aware they do...
I had 3 cesarean sections do if I'd tried to change a nappy on the floor I'd have had to spend the rest of the day on the floor - that perhaps set the tone and got me in the habit of using the mat on top of the chest of drawers.
Ours is German and massive so I used it until the children were out of nappies each time, not just in the newborn months - the changing surface was huge. It made a brilliant toddler wardrobe too, just the right size for a toddler to choose and take out their own clothes to encourage them to dress themselves.
Whetherits a waste of money depends how you live and whether you use it obviously - lots of baby gear other people love and think is essential (baby bath, double buggy when you have dc2, Moses basket, those weird nappy wrapping machine bins, TV baby monitors) I think are a waste of money and never had and never missed.
Horses for courses and all that but ours was not a waste of money and is well used!