It's not the Ares 1, but the Ares 1-X. Something that resembles the final model, but is completely different in many, or even most, ways.
It's not a complete waste of time, as many have said. Sure, the upper stage is a dummy. And the lower stage is completely different from the planned one. But they got to test some important things, that while not glamorous, are still necessary. The more you do on a mockup-launch, the less uncertainty there will be with the real thing. Things like hose-connectors. Retention bolts. Paint. The launch pad itself. The tracking systems. The basic aerodynamics up to 130,000 ft.
Because the upper stage is just a dummy, after booster separation, both first and second stages just tumble close to one another. The solid booster was recovered by parachute - after all, it's an unmodified Shuttle component, unlike the real booster, so this is proven technology already. And the rest of it is boilerplate that splashed down in the Atlantic, downrange. I won't say "re-entered", because it never left the atmosphere, separation was at 130,000 ft.
Anyway the launch removes some possible surprises, and without such a launch beforehand, the first launch of the real thing (if it ever happens) will be a measureably riskier proposition. So it's not a complete waste of time. Not quite.