My understanding is that if you already own a game in the bundle, it will not give you an extra copy in your inventory. I believe the only exception to this are Valve titles. So yes, it would be wasted but it's cheaper to get BattleBlock Theater in the bundle than it is to buy it individually. Also, bundles are a single item in your inventory that can't be split up.
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Well, it goes something like this...
Steam offers the Buy Can't Stop Laughing Bundle but I got one of the games(Castle Crashers) before knowing of the bundles existence. Now, if I were to buy the bundle, what would happen to the game as I already have it in my library? Would it be wasted? Would it be added to my inventory instead, to use as a gift? Or can I buy the bundle as a gift and use one of the games for myself?
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