Not really. Everything in the Faces Of Evil one-shot that pertains to the mini was mostly recapped in the first issue. It was about half way done before I tracked the one-shot down, and I was never confused about it.
As far as being a waste of paper, well, your mileage may vary. I'm enjoying it, but it is pretty clearly written by an artist who's using the plot as an excuse to get to the next fight. It's certainly not high art or anything, but it's fun and I like the art. I love the way they do Bizarro!