LOL.. it is ironic that you label ODI as a "time waste" and at the same time favor test format. IMO, both the formats are a wastage of time. In the long run, I don't think that any format other than T20 will survive. BTW, does anyone knows what happened to the ICC Intercontinental Cup? It was a tournament where the top ranking associate nations such as Scotland and Kenya would play against each other in 4-day format. The ICC quietly abandoned it, which is not surprising given their treatment for associate nations in the last few years.
Test and ODI are not a wastage for a generation that grew up watching these formats. Yes today there are very few people who like this format due to advent of ODI and T20I.
ICC is not in mood of converting associate teams into regular cricket playing countries that why we still have 8 to 10 regular counties that play cricket despite the fact cricket is century old game.