I did visualize it, and I visualized a problem. You have tight joints, all square corners and edges, the first two pieces slide together, what happens with the third? It has to be twisted into place, and if you have exact cuts and square edges, where's the leeway to assemble it? You could undercut the joints so only the top edge is tight, but that presents other problems.
The waste is not an issue in my mind if the joint goes together. If the joint doesn't go together and fit tightly, well, then you get 100% waste!
R